July 2020 Market Update

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Our Real Estate market was quite a rollercoaster ride and full of fireworks, with multiple offers last month! Considering the ongoing pandemic, sales and inventory levels in Victoria have been impacted. In June there were a total of 808 sales and 2698 active listings for a sales-to-active-listings ratio of nearly 30%. As we suspected last month, June did turn out to be a very busy month, and we moved well into a sellers market.

Year-over-year for June, we saw an increase of 11.3% in sales of homes and decrease of 3.2% for condos this month, compared to June 2019. The benchmark price for houses increased by 4% from last year to $896,200, and condos increased by 1.3% to $525,600. Now into Phase 3 of BC's Restart Plan, restrictions were eased to allow for open houses and vacant possession in most cases.

These are not normal days for our real estate industry, but we are able to help Buyers and Sellers safely navigate transactions with strict health and safety protocols in place. Want to know how your home value stacks up? Send us a message and we can chat! info@CapitalCityGroup.ca