Real Estate in Greater Victoria experienced its hottest September ever! Sales were up an astounding 60% compared to last year.
522 single Single family homes sold in the month of September, and prices continue to spiral upwards, hitting an all-time high of $1,075,000.
We are still seeing bidding wars with buyers competing on price. Approx 2 out of every 5 homes sold for full price or above asking price
I saw more than a handful of sales go $100,000 above asking price. One of the shockers was 973 Wagonwood Place in Broadmead that went for $218,000 above asking price!
A number of high-end and luxury sales completed in September. The most notable being 2795 Sea View Road in the Ten Mile Point neighbourhood selling for nearly $9 million.
In addition, more than 30 properties went pending (unconditional with firm deposits) over the price of $2M+ during the month of September.
Year to date, listings for single family homes are down 10% while sales are up 11%. A decrease in supply, and large uptick in demand means the price gap between homes and condos will continue to widen. Single family is appreciating at a much faster rate than condos.
Condos this year have an increase in new listings (supply up 10% YTD) matched with an decrease in sales volume (down 6% YTD)
280 condos sold in the month of September (up 12% compared to last year) for an average price of $500,000, whereas the average price for a condo last year was approx. $447,000.
Looking forward, it is impossible to determine what our fall market will look like, but if the past couple of months are an indication, we may see higher seasonal numbers than we would have expected in a more predictable year.
Prices will continue to show upward pressure because inventory is at at ultra low levels. There are only about 2,400 listings on the market. That’s 15% below last year.
That said, since our situation can change in a blink, we cannot look at the past months as the start of a trend, but instead as a moment in our market during an unpredictable time.
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