Market Update - June 2020
Posted by Capital City Group on
Real Estate under the COVID-19 pandemic continues to evolve. As expected, the volume of sales was down year-over-year, however the HPI increased to $885,400 for a single-family home in Victoria's core area, indicative of the overall trend in the market. This was an increase both year-over-year and month-over-month home values.
Well-priced homes are continuing to see strong activity and multiple offers buoyed by a combination of strong demand from buyers and limited supply, with inventory levels remaining low. The sales-to-active listings ratio for May was 17.9% - just beneath the 20% threshold between a balanced market and a seller's market.
With the gradual lifting of restrictions, and the great job we as a community have done to stop the spread of COVID-19 on the island (0 cases at the time of writing this!!!) We expect June will be a very busy month for Real Estate, and we should slip back into a seller's market.
COVID-19 has changed the way we do business and we have a full COVID-19 protocols in place to protect us, and the greater community as a whole. If you have questions or want to explore either buying or selling, get in touch. We are happy to help.