Welcome to September 2021!
Here’s what happened in the month of AUGUST in the Victoria real estate market.
Victoria housing market continues to adapt to long-term lack of supply
Quotes from Victoria Real Estate Board President David Langlois:
- Our market is starved for inventory
- The market remains very robust and the lack of supply is the biggest issue impacting attainability for our community
- The previous ten-year running average for sales in the month of August is 675 properties…831 properties changed hands this August
Now, some highlights from the monthly VREB report:
- A total of 831 properties sold in August (15.1 % less than in August 2020)
- Sales of condominiums were up 31.7 % from August 2020 with 345 units sold.
- Sales of single family homes decreased 29.9 % from August 2020 with 357 sold.
There were 1,120 active listings for sale on the Victoria Real Estate Board MLS at the end of August 2021.
- The benchmark value for a single family home in the Victoria Core in August 2020 was $889,800
- The benchmark value for the same home in August 2021 increased by 22.4 % to $1,089,400
- A condo in August 2020 was valued at $483,400. In August 2021 it was valued at $540,600, an increase of 11.8 %
CLICK HERE to read the full story from VREB.
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