Victoria Real Estate Update: February 2020





Hello February!

Wow, 2020 has been off to a very busy start! It seems as though our spring market has arrived extra early this year. Sales for January 2020 were up 25% in comparison to January 2019. Buyer demand is strong and inventory remains low.

I just recently found out that I have been awarded the MLS Gold Award and recognized as one of the top 10% of realtors in Victoria, BC. Thank you everyone for your referrals and continued support, this is a great accomplishment!

Please enjoy this months newsletter!

All the best!
Bobby Sparrow








Victoria real estate market returns to traditional sales numbers, but low inventory persists


A total of 411 properties sold in the Victoria Real Estate Board region this January, 24.9 per cent more than the 329 properties sold in January 2019 and 2.2 per cent more than in December 2019. Sales of condominiums were up 6.3 per cent from January 2019 with 118 units sold. Sales of single family homes increased 31.6 per cent from January 2019 with 200 sold.

"Our new year is already showing a strong distinction from the year previous," says Victoria Real Estate Board President Sandi-Jo Ayers. "We've returned to more traditional January sales numbers - which tend to be over 400 sales. Unfortunately, we have not seen a corresponding increase in listings alongside the demand, so buyers in the low- to mid-price segment of our market may find themselves in competition for desirable properties. Our market is challenging and at times like these the services of your local REALTOR® are invaluable."

There were 1,958 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2020, 6 properties more than the total available at the end of December 2019 and a 4.8 per cent decrease from the 2,057 active listings for sale at the end of January 2019.

"Pressure on our market has been slowly returning," adds Ayers. "With not enough inventory to satisfy demand, people occupying the middle rung of our property ladder have limited options - which means less movement to make room for those hoping to move or to buy their first homes. Eighteen months ago, the provincial and federal governments introduced demand side measures, which we can now see have not been successful in making homes more attainable in our community. Since demand side measures aren't working, the Board hopes that all levels of government will turn their attention to supply. Our municipalities working with developers to cut red tape and reduce costs should help to introduce more housing opportunities and alleviate some pressure."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2019 was $846,900. The benchmark value for the same home in January 2020 increased by 1.4 per cent to $858,500, 0.4 per cent more than December's value of $855,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2019 was $500,500, while the benchmark value for the same condominium in January 2020 increased by 4.1 per cent to $521,100, slightly more than the December value of $520,700.

Complete Stats Package - Click Here




25-4360 Emily Carr Drive - Saanich, BC.
LIST PRICE - $939,900

4 Bedroom, 3 Bathroom
3,410 Sq Ft.

More Info - Click Here



3486 Wishart Road - Colwood, BC.
LIST PRICE - $1,488,800

4 Bedroom, 3 Bathroom
2,584 Sq Ft. home on a 1.72 Acre Lot!

More Info - Click Here


231-2930 Washington Ave - Victoria, BC.
SOLD PRICE - $310,000

1 Bedroom, 1 Bathroom
701 Sq Ft.

More Info - Click Here


1119 Norma Court - Victoria, BC.
SOLD PRICE - $537,000

3 Bedroom, 2 Bathroom
1001 Sq Ft.

More Info - Click Here


7229 Meadowlark Lane - Brentwood Bay, BC.
SOLD PRICE - $715,000

3 Bedroom, 3 Bathroom
2,528 Sq Ft.

More Info - Click Here



Wildlife Photographer of the Year

February 14 – March 29, 2020 - Royal BC Musuem

Experience the wonders of nature through the lenses of award-winning photographers from around the world. Now in its 55th year, the Wildlife Photographer of the Year competition showcases a global selection of outstanding nature photography. Each photo is presented in a huge back lit display with a caption exploring the image’s compelling story. Travelling from London’s Natural History Museum, this exhibition takes viewers on a visual journey around the world, bringing the talent and vision of each photographer closer to all who visit. The images evoke a wide range of emotions but are always visually stunning and thought-provoking. A family favorite.



Following another redesign, Art Gallery of Greater Victoria's $30 million NEXT Gallery project seeks council's nod


Eight years on, the Art Gallery of Greater Victoria’s plans for an expanded gallery at its Moss Street lands are going before council to secure a development permit.
 
Proponents of the $30 million NEXT Gallery, initially unveiled in 2012 as a then $14 million expansion project, are seeking development approvals from council next week that will take the four-storey, nearly 60,000 square foot project one step closer to becoming reality...

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West Shore pricing in Saanich: Royal Oak's The Reeve townhomes appeal to first-time buyers, families


A 36-residence townhome development adjacent to Saanich’s Colquitz River Trail and a stone’s throw from the Royal Oak Shopping Centre is now offering purchasers move-in ready inventory with the completion of its first phase.
 
The Reeve, a collection of three-bedroom townhouses along the 4300-block of Viewmont Avenue, is the latest project from Victoria-based builder Mike Geric Construction which recently completed the multi-phased, master-planned Travino community in Royal Oak....

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CLINE FAMILY CELLARS


Cline Old Vine Zinfandel comes from Sonoma, California, USA, with its fruit grown in Lodi, California.

According to the wine’s tasting notes, within Lodi there are seven distinct growing areas.  Almost all this wine’s grapes came from the Mokelumne River AVA, which is said to be home of the majority of the “old vines.”

The grapes for this wine were harvested between August 23rd and September 17th.  The wine itself was aged in 35% new French Oak with a medium toast level and racked for 6-8 months.

Lastly, the winemakers (Charlie and Tom) have stated that this wine can either be enjoyed now or aged for a few years to develop additional character.

For more about this wine, check out the Cline Cellars website.



When you get asked:

Occasionally, a friend, family member or neighbor might ask you to recommend a real estate agent.
When that happens, please feel free to give them my name.

I truly appreciate your referrals!

Cell. (250) 857-2883
Office. (250) 385-2033
www.bobbysparrowrealty.com


Stay Informed

Contact me for a complimentary, no obligation real estate check-up. I’ll review up-to-date market trends in your immediate area, the current resale value of your home, and tips on improving the value of your home. 





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