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THE MARKET INVENTORY

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There were 1,859 properties (including lots and acreage) active on the VREB’s MLS® database for the Greater Victoria area (i.e., excluding the Malahat, Up-Island and the Gulf Islands) on Oct 1, 2020, down -13.7% from the inventory level of 2,155 a year ago.

SINGLE FAMILY DWELLINGS (SFDs)

Sales of SFDs in Greater Victoria in the 3rd Qtr of 2020 totalled 1,468, up +70.7% from 860 in the 3rd Qtr of 2019. The average sale price of SFDs in the 3rd Qtr of 2020 was $1,047,952, a new quarterly high, up +20.5% from an average of $869,358 in the 3rd Qtr of 2019. Moreover, the median sale price was $880,000, up +12.1% from $785,000 in the 3rd Qtr of 2019. Sale prices had been on a steady upward trend, initially peaking in the 3rd Qtr of 2018. Prices then declined until the 1st Qtr of 2019 and have been on a steady upward climb since then. SFDs that sold in the 3rd Qtr of 2020 were on the market for an average of 35 days, down from 43 days last year. The salesto- listings ratio was .78, in the 3rd Qtr of 2020, much stronger than .51 last year.

CONDOMINIUMS

Condominium sales picked up in the 3rd Qtr of 2020 with sales of 779, up +22.7% from 635 in the 3rd Qtr of 2019. The average sale price for a condo was $488,676 in the 3rd Qtr of 2020, up +4.9% from $465,746 in the 3rd Qtr of 2019. The median sale price was $439,900, up +5.8% from $416,000 last year. The average and median sale prices have not
had any discernible trend over the past three years with prices remaining fairly flat. Condos took an average of 44 days to sell in the 3rd Qtr of 2020, unchanged from last year. The sales-tolistings ratio was .62, compared to .67 last year.


TOWNHOUSES


Townhouse sales also picked up in the 3rd Qtr of 2020 with sales of 367, up +66.8% from 220 in the 3rd Qtr of 2019. The average selling price in the 3rd Qtr of 2020 was $605,744, up +1.9% from $594,276 in the 3rd Qtr of 2019. The median sale price was $559,450, up 2.7% from $545,000 last year. Townhouses took an average of 38 days to sell in the 3rd Qtr of 2020, compared to 39 days last year. The sales-to-listings ratio was .82, up from .59 last year.


LOTS/ACREAGE


There were 58 lots/acreage sold in the 3rd Qtr of 2020. The average and median sale prices were $720,179 and $592,500 respectively.