April 2021 Market Update
Posted by Capital City Group on
Victoria’s red hot real estate market is showing no signs of cooling down.
With 1173 sales and inventory levels of merely 1310 the sales-to-active listings ratio is just a hair under 90%, you’ll remember from previous newsletters that anything over 25% is considered a Seller’s Market. We’re seeing multiple offer situations, all cash offers, with properties selling hundreds of thousands over asking price in some cases. That said, there are still homes selling with subjects and without multiple offers. The average sale price for a Single Family home in the Greater Victoria Area in March 2021 was $1,181,265; Condominiums $554,137; and Townhouses $567,337.
What’s driving this market? Well, if you live here you know why others would want to, but the choked supply chain is largely due to development challenges posed by the local municipalities. Slow development turnaround times and restrictive policies continue to strangle supply, while demand increases steadily - and this can do only one thing to prices.
If you, (like us) would like to see opportunities for buyers, and a more balanced market, then we need to pressure our local elected officials to reduced development approval times and increase density. We can’t legislate our way out of a housing crunch - we have to build your way out.
The market can feel confusing and overwhelming. We will help you navigate the uncharted waters, and set you up for success - whether you are looking to sell or buy. Give us a shout and we can chat about putting our proven marketing strategies and negotiation tactics to work for you.