Posted by John Vernon & Associates on
The real estate market in Victoria started out strong in the 1st Qtr of 2020. Demand (i.e., the number of sales) was up dramatically, although it should be recalled that sales in the 1st Qtr of 2019 were the lowest recorded in the past decade. The inventory (i.e., the number of homes on the market) tightened. Sale prices continued to climb in the 1st Qtr. In summary, the market edged into seller’s market territory. However, the impact of the COVID-9 virus
outbreak on the economy became clear towards the middle of March 2020. There remains a lot of uncertainty going forward. Many people have plans to either buy or sell real estate this year. Realtors have been given guidelines to minimize the risk to both buyers and sellers.