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The Market Inventory - Fall 2019

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There were 2,155 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, 2019, up +10.0% from the inventory level of 1,964 a year ago.


SINGLE FAMILY DWELLINGS (SFDs):

Sales of SFDs in Greater Victoria in the 3rd Qtr of 2019 totalled 860, up +10.3% from 780 sales in the 3rd Qtr of 2018. The average sale price of SFDs in the 3rd Qtr of 2019 was $869,358, down -6.5% from an average of $929,576 in the 3rd Qtr of 2018. However, the median sale price was $785,000, down a more modest -1.4% from $796,000 in the 3rd Qtr of 2018. As shown in Chart 2, sale prices had been on a steady upward trend, peaking in the 3rd Qtr of 2018. Since then, prices have declined and levelled off in the past two Qtrs. SFDs that sold in the 3rd Qtr of 2019 were on the market for an average of 43 days, up from 38 days last year. The sales-to-listings ratio was .59, in the 3rd Qtr of 2019, stronger than .51 last year.

CONDOMINIUMS:

Condominium sales picked up in the 3rd Qtr of 2019 with sales of 635, up +20.5% from 527 sales in the 3rd Qtr of 2018. The average sale price for a condo was $465,746 in the 3rd Qtr of 2019, down -2.1% from $475,479 in the 3rd Qtr of 2018. The median sale price was $416,000, up +1.1% from $411,500 last year. As shown in Chart 3, the average and median sale prices had been on an upward trend, peaking in the 4th Qtr of 2018. After a small decline, prices have since levelled off. Condos took an average of 44 days to sell in the 3rd Qtr of 2019, up from 32 days last year. The sales-to-listings ratio was .67, compared to .71 last year.

TOWNHOUSES:

Townhouse sales also picked up in the 3rd Qtr of 2019 with sales of 220, up +25.0% from 176 sales in the 3rd Qtr of 2018. The average selling price in the 3rd Qtr of 2019 was $594,276, little changed from $591,716 in the 3rd Qtr of 2018. The median sale price was $545,000, compared to $544,990 last year. Townhouses took an average of 39 days to sell in the 3rd Qtr of 2019, compared to 36 days last year. The sales-to-listings ratio was .59, up from .55 last year.


LOTS/ACREAGE:

There were 44 lots/acreage sold in the 3rd Qtr of 2019. Most of these were located in the Westshore area and the average and median sale prices were $390,419 and $335,950 respectively.