January Stats Are Out!

Does anybody actually know how January feels like it lasts for ever but also goes by in a blink of an eye? No? Me neither.

Either way, February is upon us and that means Victoria Real Estate Board has released its overview of January’s statistics.

Let’s dive in, shall we?

  • 411 properties sold in the region
  • ↑ 24.9 per cent over January 2019
  • ↑ 2.2 per cent over December 2019

  • 118 condos sold
  • ↑ 6.3 per cent over January 2019
  • ↓ 2.5 per cent over December 2019

  • 200 single-family homes sold
  • ↑ 31.6 per cent from January 2019
  • ↑ 1.0 per cent over December 2019

The start of the new decade has been a hot one for us, and the number support that across the board. The trouble is that we haven’t seen an increase in inventory to match the increased overall activity.

“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,” says VREB President Sandi-Jo Ayers.

  • 1,958 active listings at the end of January 2020
  • ↓ 4.8 per cent over January 2019
  • ↓ six properties over December 2019

“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 buy their first homes,” adds Ayers. As people continue to remain shackled in their price points and subsequently unable to make the next leap on the property ladder, fewer properties end up coming to market. Essentially what should be a moving cycle grinds to a halt and everybody is stuck where they are.

Not surprisingly, the benchmark values for both single-family homes and for condos increased over last year and the last month.

A single-family home’s benchmark value increased to $858,500, an increase of 1.4 per cent over January 2019 and a 0.4 per cent over December 2019. A condo’s benchmark value increase to $521,100, an increase of 4.1 per cent over January 2019 and $400 more than December 2019’s value.

To read the full statistics package, you can find it here: www.vreb.org/current-statistics.

With over 15 years of combined experience in the Victoria real estate market, we have seen our fair share of markets. With the decrease in inventory and the increase in demand, you’re going to have to be on your toes and ready to pull the trigger when the right home pops up. Let us help you shoulder the load!

Ready to find out how we can help do just that? Call us today.

Until next time.

Mike + Kaley