February 2021 Market Update
Posted by Capital City Group on
One month into 2021 and our Real Estate market in Victoria is holding strong. In total, 646 properties sold in January which is 57.2% more than the 411 properties sold in 2020, and a slight increase of 2.4% from the previous month.
Competition remains high for desirable properties. It comes at no surprise that when you combine sparse inventory and low interest rates, the result is a very fast-paced market with upward pressure on price and activity – which we’ve been experiencing for the past months. The luxury home market continues to outpace years past, and condominium sales continue to strengthen.
Condominium sales saw the larger increase this time being up 83.1% from January 2020 with 216 units sold. Single family homes were up 48.5% from this same month last year with 297 sold.
We ended the month with 1321 active listings which is a slight increase from last month, but 32.5% fewer properties when compared to a year ago.
The benchmark value for a single family home in Victoria increased by 8.3% from $860,700 in January 2020 to $932,000 in January 2021. That is also up 1.8% from the previous month (December 2020). Condominium sales remained similar when reviewing year-over-year with a slight decrease of 0.9% from $523,444 to $518,800.
These are unprecedented times which require careful navigation through the sale or purchase process. Are you curious what your home is worth now?
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