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The Victoria Market & Market Inventory

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After a weak start with declining sales and decreasing prices, the real estate market in Victoria picked up momentum in the latter part of 2019. Residential listings through the VREB’s MLS® totalled 11,437, up +3.6% from 11,044 in 2018. Residential sales totalled 6,887, up +2.2% from 6,770 in 2018, but still well below the record of 10,028 sales in 2016. The sales-to-new-listings ratio was .60, down slightly from .61 in 2018. The value of residential sales through the VREB MLS® was $4.740 billion in 2019, little changed from $4.743 billion in 2018. The average sale price of a residential property in 2019 was $688,689, down $11,941 or -1.7% from $700,630 in 2018. The market picked up in the 4th Qtr of 2019. There were 1,506 residential sales, up +11.1% from 1,355 in the 4th Qtr of 2018. The average sale price was $714,205, up $16,455, or +2.4% from $697,750 in the 4th Qtr of 2018. The median sale price was $645,000, an increase of $33,500, or +5.5% over $611,500 in the 4th Qtr of 2018.

THE MARKET INVENTORY


There were 1,312 properties active on the VREB’s MLS® database for the Greater Victoria area (i.e., excluding the Malahat, Up-Island and the Gulf Islands) on Jan 1, 2020, down -6.9% from 1,409 on Jan 1, 2019.


SINGLE FAMILY DWELLINGS (SFDS)


Sales of SFDs in the Greater Victoria area totalled 3,325 in 2019, up +4.6% from 3,179 sales in 2018. The average sale price of SFDs in 2019 was $878,767, down $28,385 or -3.1% from $907,152 in 2018. The median sale price was $785,000, down $14,900 or -1.9% from $799,900 in 2018. The sales-to-newlistings ratio rose to .58, up from .55 in 2018. SFDs that sold in 2019 were on the market for an average of 43 days, up from 33 days in 2018. The sale price of SFDs peaked in the 3rd Qtr of 2018, then fell to a low in the 1st Qtr of 2019. Since then prices have begun to recover and the average
sale price has increased in the past three quarters. The average sale price in the 4th Qtr of 2019 was $922,0816, up $31,488 or +3.5% from $890,593 in the 4th Qtr of 2018.


CONDOMINIUMS


Condominium sales totalled 2,217 in 2019, up +3.4% from 2,145 sales in 2018. The average sale price for a condo was $471,169 in 2019, down marginally from $472,890 in 2018. The median sale price was $419,000, up +0.2% from $410,000 in 2018. The sales-to-new-listings ratio was .62, down from .70 in
2018. Condos that sold in 2019 were on the market for an average of 40 days, up from 27 days in 2018. The sale prices of condominiums peaked in the 4th Qtr of 2018 and levelled off for much of 2019. The average sale price in the 4th Qtr of 2019 was $472,544, down $20,108, or -4.1% from $492,652 in the 4th Qtr of 2018.

TOWNHOUSES


Townhouse sales totalled 827 in 2019, up +8.5% from 762 in 2018. The average selling price was $602,870 in 2019, down -0.8% from $607,824 in 2018. The median sale price was $555,000, virtually unchanged from $554,900 in 2018. The sales to-new-listings ratio was .62, compared to .66 in 2018.
Townhouses that sold in 2019 were on the market for an average of 41 days, up from 33 days in 2018. Sale prices peaked in the 4th Qtr of 2018 and have drifted lower in the past year. The average sale price in the 4th Qtr of 2019 was $596,140, down $52,500 or -8.1% from $648,640 in the 4th Qtr of 2018.


LOTS/ACREAGE


Sales of Lots/Acreage totalled 169 in 2019, little changed from 161 in 2018 but well below 281 sales in 2016. The average sale price was $403,399, compared to $480,244 in 2018. The median sale price was $329,000 in 2019, compared to $309,000 in 2018.