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THE MARKET INVENTORY

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There were 792 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, 2021, down -57.4% from the inventory level of 1,859 a year ago. SINGLE FAMILY DWELLINGS (SFDs) Sales of SFDs in Greater Victoria in the 3rd Qtr of 2021 totalled 927 down -36.9% from 1,468 in the 3rd Qtr of 2020. The average sale price of SFDs in the 3rd Qtr of 2021 was $1,249,096, a new quarterly high, up +19.2%from an average of $1,047,952 in the 3rd Qtr of 2020. Moreover, the median sale price was $1,102,810, up +25.3% from $880,000 in the 3rd Qtr of 2020. Sale prices had been on a steady upward trend since the 1st Qtr of 2019. SFDs that sold in the 3rd Qtr of 2021 were on the market for an average of 22 days, down from 35 days last year. The sales-to-listings ratio was .87, in the 3rd Qtr of 2021, even stronger than .78 last year. CONDOMINIUMS Condominium sales picked up in the 3rd Qtr of 2021 with sales of 932, up +19.6% from 779 in the 3rd Qtr of 2020. The average sale price for a condo was $562,417 in the 3rd Qtr of 2021, up +15.1% from $488,676 in the 3rd Qtr of 2020. The median sale price was $495,000, up +12.6% from $439,000 last year. The average and median sale prices have been on an upward trend since the 2nd Qtr of 2020. Condos took an average of 24 days to sell in the 3rd Qtr of 2021, compared to 44 days last year. The sales-to-listings ratio was a remarkable .95, compared to .62 last year. TOWNHOUSES Townhouse sales totaled 244 in the 3rd Qtr of 2021, down -33.5%from 367 sales in the 3rd Qtr of 2020. The average selling price in the 3rd Qtr of 2021 was $748,496, up +23.6% from $605,744 in the 3rd Qtr of 2020. The median sale price was $734,900, up +31.4% from $559,450 last year. Townhouses took an average of 18 days to sell in the 3rd Qtr of 2021, compared to 38 days last year. The sales-to-listings ratio was .88, up from .82 last year. LOTS/ACREAGE There were 40 lots/acreage sold in the 3rd Qtr of 2021. The average and median sale prices were $787,553 and $750,000 respectively.