Wednesday, April 1, 2020
6.1 C
Victoria

Interactive Sold Map

Map of VREB MLS® sales of detached single family homes for  2020. Clickon Google map viewer below to change layers for previous years.  For more information on any particular transaction, please contact Dustin Miller.

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Current Victoria Stats

Updated April 1, 2020

$1,058,500
Single Family Home

Average sold price Victoria & Vic West

-5%
Sales Volume Increase

Compared to the same time last year.

65
Available Inventory

As of April 1, 2020.
Single Family Detached.

Apocalypse COVID19 Hits Spring Market

Most Owners are now holding off on selling their home as new listings in the 2nd half of March are down 37% compared to last year.

The full impact of the COVID19 pandemic cannot be recognized yet, as it will take many months for the data to reflect the massive change in consumer sentiment that was brought on by this black swan event.

There were 3 rate cuts this month. On March 4 and March 14th we saw Bank of Canada target rate lowered 50bps each. Then a third time on March 27 it lowered again by another 50bps leaving us at 0.25%.

I’ve now seen 5 year variable rates being posted at 2.4%. Very enticing time for consumers, and I have had more enquiries from first time home buyers looking to jump into property ownership.

The median sales price of a detached property jumped by $45,000 over last month, and the detached average is $986,602, which is an all time record.

The dip in new listings and a number of listings being cancelled means our already critically low inventory will become even more scarce. Low inventory in a typical free marketplace means sustained upward pressure on prices.

Of course, there are some who are forced to sell (estate sales, divorces, and foreclosures) and will make deals substantially below normal market value.

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