If you are thinking about selling your home, there has never been a more perfect time to do so. Despite the ongoing COVID-19 pandemic, Victoria, B.C., still remains a desirable place to settle into and make a home.
The Perfect Time To Sell
Following up with our last update on the real estate market, the real estate market in Victoria, BC., is still strongly booming. Consumer demand is only growing stronger, driven by low-interest rates and the overall attraction to the capital city of B.C.
The sales-to-active-listings ratio, an indicator of housing supply and demand, proves that the current real estate market is clearly a seller’s market. Anything below 10 per cent means that the market is a buyer’s market, and anything over 25 per cent means that it is a seller’s market.
Right now? The sale-to-active-listing ratio is at 85 per cent. You saw it correctly...85 per cent. The current demand to move to Victoria, B.C., is remarkable.
“Our market remains one with tightly constrained inventory and high demand,” said David Langlois, Victoria Real Estate Board, President. “The good news is that we have seen some stabilization in listings and condo pricing between January and February, but we continue to see huge pressure on single-family homes – new listings are snapped up as soon as they are listed. As a result, the pressure on single-family homes continues to ramp up.”
Market Changes
When comparing the February 2020 market to the current market in February 2021, this year is well on track. This February, the Victoria Real Estate Region Board sold 863 properties, a 53.3 per cent increase from February 2020.
Single-family homes have experienced considerable growth in the Victoria real estate market, seeing these increases in both sales and prices. Currently, there is an increase of 43.9 per cent in single-family homes sold when compared to February 2020’s real estate market. Significant increases in pricing have also been observed on the Victoria MLS, ranging between 9-15.3 per cent in just one year.
Let’s take a look at a single-family home listing from February 2020 which was valued at $768,000. The benchmark price increased by 10.8 per cent in February 2021, valuing the same house at $851,200.
Townhouses have also increased in both demand and price when compared to last year’s market. In February 2020, 78 units were sold at an average of $587,288. This year, 102 units were sold at an average of $682,071, indicating a 30.8 per cent increase in listings sold and a 16.1 per cent increase in price.
Condominiums have kept their price range as no price increases or significant decreases have been observed in the Victoria MLS. However, the demand for condos is thriving exceedingly. Condo sales are up 65.7 per cent from February 2020, indicating that consumer demand is substantial.
Conclusion
This is the best time to sell as prices have skyrocketed, and the demand to move to Victoria is becoming stronger and stronger. With a market like this, having a realtor is crucial. By trusting in our expertise, it is unquestionable that our clients will secure the best possible results.
Give us a call, and let the 2020 MLS Gold award winners take care of the rest.
The Perfect Time To Sell
Following up with our last update on the real estate market, the real estate market in Victoria, BC., is still strongly booming. Consumer demand is only growing stronger, driven by low-interest rates and the overall attraction to the capital city of B.C.
The sales-to-active-listings ratio, an indicator of housing supply and demand, proves that the current real estate market is clearly a seller’s market. Anything below 10 per cent means that the market is a buyer’s market, and anything over 25 per cent means that it is a seller’s market.
Right now? The sale-to-active-listing ratio is at 85 per cent. You saw it correctly...85 per cent. The current demand to move to Victoria, B.C., is remarkable.
“Our market remains one with tightly constrained inventory and high demand,” said David Langlois, Victoria Real Estate Board, President. “The good news is that we have seen some stabilization in listings and condo pricing between January and February, but we continue to see huge pressure on single-family homes – new listings are snapped up as soon as they are listed. As a result, the pressure on single-family homes continues to ramp up.”
Market Changes
When comparing the February 2020 market to the current market in February 2021, this year is well on track. This February, the Victoria Real Estate Region Board sold 863 properties, a 53.3 per cent increase from February 2020.
Single-family homes have experienced considerable growth in the Victoria real estate market, seeing these increases in both sales and prices. Currently, there is an increase of 43.9 per cent in single-family homes sold when compared to February 2020’s real estate market. Significant increases in pricing have also been observed on the Victoria MLS, ranging between 9-15.3 per cent in just one year.
Let’s take a look at a single-family home listing from February 2020 which was valued at $768,000. The benchmark price increased by 10.8 per cent in February 2021, valuing the same house at $851,200.
Townhouses have also increased in both demand and price when compared to last year’s market. In February 2020, 78 units were sold at an average of $587,288. This year, 102 units were sold at an average of $682,071, indicating a 30.8 per cent increase in listings sold and a 16.1 per cent increase in price.
Condominiums have kept their price range as no price increases or significant decreases have been observed in the Victoria MLS. However, the demand for condos is thriving exceedingly. Condo sales are up 65.7 per cent from February 2020, indicating that consumer demand is substantial.
Conclusion
This is the best time to sell as prices have skyrocketed, and the demand to move to Victoria is becoming stronger and stronger. With a market like this, having a realtor is crucial. By trusting in our expertise, it is unquestionable that our clients will secure the best possible results.
Give us a call, and let the 2020 MLS Gold award winners take care of the rest.
