December 2020 Market Update
Posted by Capital City Group on
For home sellers in the Victoria area Santa came early this year. Historically low inventory levels and high demand has continued to apply pressure to pricing, and buyers alike. 795 sales were recorded in November 2020, with 1,813 active listings. That's a whopping 43.8% sales to active listings ratio, more than double the 20% threshold that triggers a seller’s market and rising prices.
Seasonally we would normally be expecting a slowdown over the next few months, with a leveling off of demand, and a slowing of sales before starting to ramp up again mid February, however the pandemic has, in Real Estate like in so many other places, turned the norm on its head.
If we continue to see the low inventory levels we have been experiencing for may months now, the pent up demand may well continue to pressure the market, with a steady drive through the holidays and into the busy spring market.
Wishing you a safe and wonderful holiday season with your bubble of family and friends.