Victoria housing inventory continues to decline over summer months
August 3, 2021 A total of 835 properties sold in the Victoria Real Estate Board region this July, 14.7 per cent fewer than the 979 properties sold in July 2020 and 11.4 per cent fewer than the previous month of June. Condominium sales were up 18.8 per cent from July 2020 with 284 units sold. 16 per cent fewer condominiums sold in July 2021 than in the previous month of June. Sales of single family homes were down 29.2 per cent from July 2020 with 396 sold. 10 per cent fewer single family homes sold in July 2021 than in the previous month of June.
"The real estate story right now continues to be inventory," said Victoria Real Estate Board President David Langlois. "The market is driven by inventory; and fewer home listings lead to fewer home sales. In that context, these numbers do not reflect a downturn in our market but reveal sales falling due to this continued trend of low inventory."
There were 1,270 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2021, 52.1 per cent fewer properties than the 2,653 available at the end of July 2020 and 7.6 per cent fewer than the 1,375 active listings for sale at the end of June 2021.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2020 was $909,900. The benchmark value for the same home in July 2021 increased by 18.9 per cent to $1,082,000, a 1.7 per cent increase from the previous month of June. The MLS® HPI benchmark value for a condominium in the Victoria Core in July 2020 was $494,900, while the benchmark value for the same condominium in July 2021 was $535,100, an 8.1 per cent increase.
"As a sort of housing gridlock continues to develop, the pressure to create more of all different types of homes in our community of should not be lessened," added Langlois. "It is important for the long term health of our housing market that a strong focus continue on developing new homes to meet our growing demand. The current market is increasingly challenging for buyers and sellers. It's important to access the expertise and knowledge of your local REALTOR® to ensure your interests are protected."
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