March Victoria Market Recap
Condos offering great
value for buyers!
Wow, last March the pandemic was just starting to reach us on Vancouver Island and businesses began to close and people began staying in to help 'flatten the curve'. Concepts like social distancing, cohorts, and bubbles were added to our everyday conversations, and these big changes reflected in our real estate market.
In March 2020 there were 608 properties sold in the Victoria Real Estate Board area and last month that number rebounded a whopping 92.9% with 1,173 sales!
The sale of condos increased by 111% surging past the 88% increase that Single Family Homes had over last March.
Looking more historically to other years that didn’t have such drastic world events, the market is still hotter than it ever has been. The imbalance in inventory that we're seeing favors sellers and comes from an increase in people looking to move to our beautiful island. And really, I can't blame them!
The MLS home price benchmark for single-family homes in March 2020 was just over $879k with the price increasing this year to average $968,700. This new average also represents a 2.2% increase from the previous month, February 2021.
Condos in the Victoria core averaged sale prices of $531,800 in March 2020 and actually saw a slight decrease, of 0.5%, to average $529,100 last month. While this decrease is slight, it represents a great area of opportunity.
Now is a great time to consider buying or investing in a condo as their value and selling price is lagging behind the sharper increases seen in the single-family home market. I don’t anticipate that this delay will last forever, so it would be a good idea to benefit from this while you can.
As the weather warms up, and we are encouraged to stay small and stay local, I am every day reminded how grateful and happy I am to call this city home.
If you’re looking to make a move, or move to the Island to see what you’re missing I encourage you to reach out. Give me a call, send me an email or visit my various social platforms and let me answer any questions you may have and help you navigate this fast-paced market. I’d love to see you out on the trails!
Happy April and talk again soon!