Victoria Real Estate Update: September 2020

Hi Everyone,

I hope you had a great summer. I recently took a 3 day trip to Tofino, which was a lot of fun and a true reminder of how many great places we have to explore within this beautiful province.

This August we saw a 48% increase in sales in comparison to August 2019. Inventory levels remain extremely low and continue to decline, while the demand for real estate in Victoria remains very high. Sales for September are already off to a much higher rate than September 2019 and we can expect this to be another very busy month of real estate. 

If this year has taught us anything, it’s the importance of having the most up-to-date and accurate information available. It’s difficult to make good decisions when you don’t have all the facts.

Take the local real estate scene, for example.

So much has changed in this market over the past few months, including how homes are marketed, shown, and sold. Many homeowners, especially those who are thinking of selling, are confused and even worried. Do you have questions about selling in this market? If so, please give me a call.

As you know, as your real estate agent, I’m available to you anytime you have questions or just need an update on what’s going on in real estate right now. If you have friends or neighbors who also have concerns about selling or buying, or just need help, I’m happy to chat with them too.

The bottom line is, I have the latest information, data, and insights. So, when you need the facts, call me.

Have a great September and enjoy the sunshine!!

Take care and stay healthy,

Bobby Sparrow

Victoria real estate market experiences an active summer
A total of 979 properties sold in the Victoria Real Estate Board region this August, 48.1 per cent more than the 661 properties sold in August 2019 and exactly the same total as the previous month of July 2020. Sales of condominiums were up 29.1 per cent from August 2019 with 262 units sold. Sales of single family homes were up 45 per cent from August 2019 with 509 sold.
"Once again we saw a very active month in terms of property transactions," says Victoria Real Estate Board President Sandi-Jo Ayers. "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.  
"What I do know is that our business has changed a lot in recent months," adds Ayers. "REALTORS® have adapted to health and safety requirements and much more technology is being leveraged to facilitate all aspects of the housing transaction. 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. Will this continue into fall? That will depend on how much new inventory comes into the market and how our community continues to manage the impact of COVID-19. This is an evolving and nuanced market. As always, it is a good time to connect with your Realtor if you're considering selling or buying. If you need us, we are here."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2019 was $849,500. The benchmark value for the same home in August 2020 increased by 4.7 per cent to $889,200, 2.3 per cent less than July's value of $909,700. The MLS® HPI benchmark value for a condominium in the Victoria Core in August 2019 was $518,000, while the benchmark value for the same condominium in August 2020 decreased by 0.8 per cent to $513,900, 3.2 per cent less than the July value of $530,800.

Complete Stats Package - Click Here

1338 Artesian Court - Langford, BC.
LIST PRICE - $839,900.00

3 Bedroom, 3 Bathroom
2,688 Sq Ft. 

More Info - Click Here

502 - 1159 Beach Drive - Oak Bay, BC.
LIST PRICE - $505,000.00

1 Bedroom, 1 Bathroom
879 Sq Ft. 

More Info - Click Here

2728 Blackwood Street - Victoria, BC.
LIST PRICE - $929,000.00

3 Bedroom, 2 Bathroom
1,852 Sq Ft. 

More Info - Click Here

3486 Wishart Road - Colwood, BC.
LIST PRICE - $1,488,800.00

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

More Info - Click Here

1555 Sylvan Place - North Saanich, BC.
SOLD PRICE - $1,375,000.00

3 Bedroom, 2 Bathroom
2,216 Sq Ft.
More Info - Click Here

402 - 125 Aldersmith Place - Victoria, BC.
SOLD PRICE - $572,000.00

2 Bedroom, 2 Bathroom
1,164 Sq Ft.
More Info - Click Here

202 - 1721 Quadra Street - Victoria, BC.
SOLD PRICE - $485,100.00

2 Bedroom, 1 Bathroom
801 Sq Ft.
More Info - Click Here

Duncan hotel landmark on the market for $8 million as COVID-19 thrashes lodging industry 
A landmark real-estate holding in the Cowichan Valley’s City of Duncan has been put up for sale to the tune of $8 million as pressures on the lodging industry mount.

The Ramada Duncan Cowichan Valley hotel at 140 Trans Canada Highway north of the Cowichan River bridges represents a strategic investment opportunity along the town’s main thoroughfare which has seen several high-profile redevelopment scenarios in recent years.

Looking for something fun to do in Victoria this September?

The Oak Bay Beach Hotel offers a great selection of events for date nights or for the whole family. 
Click below to see the calendar of events.

Quail's Gate Winery
Okanagan Valley, BC
To Learn More: Click Here

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

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. 

Contact me TODAY
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