Victoria Real Estate: January 2020

Victoria Real Estate January 2020

The start of the new year brings excitement for many professions, including Real Estate and this January 2020 reflects that. Historically sales numbers are consistent with past years in the Victoria Real Estate Industry yet overall inventory is lower than average, meaning buyers may need to compete for the right property.

Steady sales increase for the Victoria Real Estate January 2020 (411 properties sold) compared to last January 2019 (329). Overall inventory decreased in comparison to last year’s numbers, with 1,958 active listings this January when there were 2,057 in 2019.

“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.”

Condos in Victoria

We saw an increase in condo sales this January with 118 condos sold in Greater Victoria (a 6.3% increase over the same period last year).  Although inventory is historically low, the number of active listings is up with 485 in January 2020 compared to 388 in January 2019. An increase in motivated buyers and a competitive market, properties are selling faster (average days on market at 45 days compared to 48 days in January 2019).

Looking Forward

“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.”

To read the full Victoria Real Estate January 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.