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The Market Inventory

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There were 1,012 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 July 1, 2021, down -49.0% from 2,067 a year ago. SINGLE FAMILY DWELLINGS (SFDs) There were 1,389 sales of SFDs in Greater Victoria in the 2nd Qtr of 2021, up +83.2% from 758 sales in the 2nd Qtr of 2020. The average sale price of SFDs in the 2nd Qtr of 2021 was $1,188,565 up +25.1% from an average of 949,944 in the 2nd Qtr of 2020. Moreover, the median sale price was $1,033,000, up +25.4% from $824,000 in the 2nd Qtr of 2020. Both the average and median sale prices remain at or near quarterly highs. SFDs that sold in the 2nd Qtr of 2021 were on the market for an average of 15 days, down from 34 days last year. The sales-to-listings ratio was .81 in the 2nd Qtr of 2021, up sharply from .55 last year. CONDOMINIUMS Condominium sales totalled 994 in the 2nd Qtr of 2021. This was up +155.5% from 389 sales in the 2nd Qtr of 2020. The average sale price for a condo was $535,457 in the 2nd Qtr of 2021, up +16.0% from $469,664 in the 2nd Qtr of 2020. The median sale price was $484,500, up +16.8% from $415,000 last year. The average and median sale prices had been fairly static over several Qtrs followed by a sharp jump in the 1st Qtr of 2021. Condos took an average of 22 days to sell in the 2nd Qtr of 2021, down from 40 days last year. The sales-to-listings ratio was .87, up from .39 last year. TOWNHOUSES There were 352 townhouse sales in the 2nd Qtr of 2021. This was up +93.4% from 182 sales in the 2nd Qtr of 2020. The average selling price in the 2nd Qtr of 2021 was $731,518, up +23.0%from $594,617 in the 2nd Qtr of 2020. The median sale price was $710,000, up +24.2% from $571,450 last year. Townhouses took an average of 18 days to sell in the 2nd Qtr of 2021, down from 46 days last year. The sales-to-listings ratio was .85, compared to .57 last year. LOTS/ACREAGE There were 62 lots/acreage sold in the 2nd Qtr of 2021, up from 23 sales in the 2nd Qtr of 2020. The average and median sale prices were $907,751 and $693,500 respectively, compared to $571,687 and $390,000 last year.