Both the price of homes and the number of homes sold in Greater Victoria increased in September, according to the Victoria Real Estate Board.
A total of 989 properties sold in the Victoria Real Estate Board region in September, 60.6 per cent more than the 616 properties sold in September 2019 and one per cent more than in August. 2020.
Sales of condos were up 26.7 per cent from September 2019 with 280 units sold. And sales of single-family homes were up 91.9 per cent from September 2019 with 539 sold by the end of the month.
The average price of a single-family home in Greater Victoria in September 2020 was $1,075,891, a 7.3 per cent increase from the average price of $1,002,604 in August, and a 18.8 per cent increase from the average price of $905,964 in September 2019.
The average price of a condo apartment in September 2020 was $502,169, a 4.3 per cent increase from the average price of $481,334 in August, and a 12.4 per cent increase from the average price of $446,740 in September 2019.
The average price of a townhouse in Greater Victoria was $601,116, a 3.4 per cent decrease from the average price of $622,407 in August 2020. However, it is a 2.2 per cent increase from the average price of $588,287 in September 2019.
“Another month has passed where we have seen surprisingly high sales numbers – which included quite a few higher-end properties,” Victoria Real Estate Board President Sandi-Jo Ayers said in a statement.
“I don’t think that anyone who was trying to predict market outcomes in our area over the course of the pandemic expected that the pent up demand from dampened sales in April and May would result in this level of market activity. There’s no doubt that buyers are extremely motivated and this increased demand, coupled with limited inventory, fueled the September market.”
There were 2,389 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of September 2020, 15.4 per cent fewer properties than the total available at the end of September 2019 and a 7.5 per cent decrease from the 2,584 active listings for sale at the end of August 2020.
“We had some much-needed new inventory enter the market over the course of September,” adds Ayers.
”But the supply has not been sufficient to outstrip the heightened demand. We continue to see multiple offers and pressure on pricing across many neighbourhoods. Looking forward, it is impossible to determine what our fall market will look like, but if the past couple of months are an indication, we may see higher seasonal numbers than we would have expected in a more predictable year. That said, since our situation can change in a blink, we cannot look at the past months as the start of a trend, but instead as a moment in our market during an unpredictable time.”
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