Tuesday, March 3, 2020

Home sales jump across Greater Victoria in February




Greater Victoria’s residential real estate market saw home sales jump in February, with 563 properties changing hands for the 29-day month, versus 421 sales in the same month last year, when it was 28 days.

The 10-year average for February sales is 537.

“February brought the bloom of an early spring market. Sales numbers are up substantially from last year, which in part indicates that our spring market may have arrived a bit earlier than a lot of our local blossoms, said Victoria Real Estate Board president Sandi-Jo Ayers.

The strong sales start might be a harbinger of a strong year, said Ayers.

Condominium sales led the way with 175 units sold in February, a 35.7% jump from the same time last year, while single-family home sales increased 23.7% to 271.

Condo and single-family home sale prices also increased in all areas, which may be down to the lack of inventory.

“One of the most prominent aspects of our market right now is this continued low inventory,” said Ayers.

The 10-year average number of active listings for the month of February is 3,007. This February ended with just 2,127 active listings. There were 2,131 properties for sale in February 2019, while there were 1,968 on the market in January of this year.

Ayers noted that means less choice for consumers, more pressure on pricing and sellers fielding multiple offers.

The benchmark value for a single-family home in the Victoria core in February increased 3.5% to $868,100 from February 2019, when it was $838,800.

The benchmark value for a condo in the core was $527,400, a 4.7% increase over 2019’s $503,600.

Townhome values also increased in February, jumping 1.8% over last year, to $662,700 from $650,700. The same category of homes dropped slightly in value compared to January of this year, when their benchmark price was $667,400.

aduffy@timescolonist.com

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