48% more Victoria properties sold in August compared to same month last year
The latest numbers from the Victoria Real Estate Board show property sales were up in August compared to the same time last year.A total of 979 properties were sold in the Victoria Real Estate Board region this August, 48.1 per cent more than the 661 properties sold in August 2019.The number of sales is exactly the same as July 2020.Sales of condominiums were up 29.1 per cent from August 2019 with 262 units sold and sales of single-family homes were up 45 per cent from August 2019 with 509 sold.The average price of a single-family home in Greater Victoria in August 2020 was $1,002, 604 compared to $870,829 in August 2019. The average price of a condo apartment in Greater Victoria in August 2020 was $481,334, compared to $491,451 in August 2019.“Once again we saw a very active month in terms of property transactions,” Victoria Real Estate Board President Sandi-Jo Ayers said in a statement.
“And once again I will note that this is not a trend, but that this is our market at this moment in time during a unique situation. It is a challenging time to define what is happening in the market given so many factors that don’t exist in a normal year. We have been surprised by the pace of the summer market and are grappling with the evolving socio-economic effects of the pandemic and how these underlying factors will influence our fall real estate market.”There were 2,584 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of August 2020, 8.9 per cent fewer properties than the total available at the end of August 2019 and a 2.6 per cent decrease from the 2,653 active listings for sale at the end of July 2020.“We can also see that though demand is up, there are fewer listings on the market, which increases demand on desirable properties even more. This is why we saw a lot of competition and multiple offers over the summer,” Ayers said.Ayers said fall sales will depend on on how much new inventory comes into the market and how the community continues to manage the impact of COVID-19.Read August’s real estate numbers below: