Victoria Real Estate: August 2020

Victoria Real Estate August 2020

In the last month of summer, Victoria Real Estate in August 2020 was extremely active for our typical summer season. This unique year continuously surprises us as the world reacts to the COVID-19 pandemic. It’ll be interesting to see whether these unusual trends will continue into our fall season.

A 48.1% increase in Victoria Real Estate sales over last month indicates a positive shift for our market – an increase in sales for Victoria Real Estate August 2020 (979 properties sold) compared to last August 2019 (661). Overall inventory is just below last year’s numbers, with 2,584 active listings this August 2020 – a 9% decrease from August 2019 and a 2.6% decrease from July 2020 where last month ended with 2,653 active listings.

“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.”

Condos in Victoria

We saw an increase in condo sales this August 2020 with 262 condos sold in Greater Victoria – a 29.1% increase over the same period last year with 203 condo sales in August 2019. The number of active condo listings in August 2020 was 760, a 21% increase compared to the 626 active condo listings in August 2019. Properties are spending only 10% longer on the market this August 2020 compared to this time last year (average days on the market this month at 48 days, compared to 44 days in August 2019).

Looking Forward

“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.”

To read the full Victoria Real Estate August 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.