Victoria Real Estate: April 2020

Victoria Real Estate April 2020

Victoria Real Estate in April 2020 is far from conventional as Victoria responds to the global COVID-19 pandemic. Sales are much lower than expected in our historically busy Spring market. However, as real estate was deemed an essential service at the end of March, Victoria’s market is closely watching the impact of the pandemic and adapting to our new norm.

A significant decrease in sales for Victoria Real Estate April 2020 (287 properties sold) compared to last April 2019 (696) –  58.8% fewer properties sold. Overall inventory is below last year’s numbers, with 2,305 active listings this April 2020 – a 16.2% decrease from April 2019 but still a 2.4% increase from March 2020 where the month ended with 2,252 active listings!

“We continue to see the impact of the COVID-19 pandemic on the local real estate market,” says Victoria Real Estate Board President Sandi-Jo Ayers. “Sales numbers are much lower than what we expected to see this spring and new listings are slow to come to market as owners wait to see what our community’s trajectory is over the course of this pandemic. As a result, the available inventory of properties for sale remains lower than in April last year. Like so many other industries, much of the real estate market is watching, waiting and adapting.”

Condos in Victoria

We saw a decrease in condo sales this April with 73 condos sold in Greater Victoria – a 64% decrease over the same period last year.  Although inventory is historically low this year, the number of active condo listings is almost on par with 581 in April 2020 compared to 578 in April 2019. Properties are spending a similar number of days on the market (average days on market this month at 37 days, the same number of days on market as April 2019).

Looking Forward

“Real estate services and REALTORS® were declared an essential service by our province in March in order to protect consumers who need to make real estate transactions during this time,” adds Ayers. “This responsibility has opened opportunities for our profession to adapt our way of doing business to ensure our community’s health is protected. Technology has allowed us to move much of our work online. Now you can participate in an open house from the comfort of your couch and manage your contracts and negotiations securely online. Of course, the vast majority of transactions still require an in-person showing at some point and so local Realtors are ensuring they are adhering to the advice of the Provincial Health Officer. We know that we are in complex times, but also that some people need to buy and sell. Our message has been and will be moving forward – if you need us, we are here.”

To read the full Victoria Real Estate April 2020 statistics report from the Victoria Real Estate Board, check it out here.

If you are looking to purchase or sell a property in the current market, or in the future, get in touch with The Condo Group Real Estate for expert insight and advice at 250-382-6636.