August 2020 Market Update

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We had quite a month, Victoria! The Real Estate market remained pretty crazy with a continued multiple offer trend in some segments! Take a look at the July update. Sales in July were up nearly 40% compared to the same month last year with Single Family Homes up 61% and Condos up “only” 11.2%. The benchmark price for single family homes increased by 5.7% to $910,400 and condos by 1.7% to $529,900.

There were a total of 979 sales in the month of July with only 2653 active listings at month end. That's a sales to active listings ratio of nearly 37%, well into the seller's market territory and driving up prices.  Overall the market is unseasonably active so it is important to keep in mind that the pandemic caused a delay to the spring market likely condensing the sales into a shorter time frame as our community is more freely moving about. With 10% fewer properties on the market when we compare to last year it is no surprise that there is noticeable pressure on the market and pricing. I expect this activity will continue into the fall however only time will really tell.