January 2021 Market Update
Posted by Capital City Group on
Good Bye 2020 and Hello to 2021!
It was quite the unusual year, and if nothing else we were consistently reinforced with how fortunate we are to live in Victoria and on Vancouver Island, British Columbia.
December 2020 with a total of 631 properties sold saw a typical slowdown of sales when you compare the prior month of November (decrease of 20.6%) however, 57% more properties sold than the 402 for the same month in 2019. Condo sales were up 61.2% with 195 units sold, and single family homes sales up 58.6% with 314 sold.
When we review the year 2020 as a whole, a total of 8,497 properties sold;17.1 percent more than the 7,255 sold in 2019. We continue to see a very strong Seller's Market with low inventory of active listings (1,279 at the end of December 2020) – the lowest we have seen in at least 25 years!
The benchmark value for a single family home in Victoria increased 6.8% from $857,200 to $915,100, and condo decreased slightly (0.9%) from $520,100 to $515,600 when you compare year-over-year.
It comes as no surprise that the low inventory, high demand and historically low interest rates combined with the ongoing pandemic with consumer priorities shifting to home-based work, lifestyle prioritization and retirement driving up the demand and therefore home values in this paradise of Canada.
Is this the year you make your move? Contact us to be matched up with one of our Agents for a coffee and go for a neighborhood walk and discuss your Real Estate Goals for 2021!