Real estate apparently loves a pandemic, according to new numbers released Thursday by the Victoria Real Estate Board.
The Greater Victoria real estate market was again busy in September with 989 properties changing hands, a 60 per cent increase in activity over September last year.
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“Another month has passed where we have seen surprisingly high sales numbers, which included quite a few higher-end properties,” said board president Sandi-Jo Ayers. “I don’t think that anyone who was trying to predict market outcomes in our area over the course of the pandemic expected that the pent-up demand from dampened sales in April and May would result in this level of market activity.
“There’s no doubt that buyers are extremely motivated and this increased demand, coupled with limited inventory, fueled the September market.”
Single-family home sales were up 91.9 per cent compared to September last year with 539 sold. Sales of condominiums were up 26.7 per cent from last year with 280 units sold.
“We had some much-needed new inventory enter the market over the course of September. But the supply has not been sufficient to outstrip the heightened demand,” said Ayers. “We continue to see multiple offers and pressure on pricing across many neighbourhoods.”
Ayers said it is impossible to predict what the rest of the fall will have in store.
“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,” she said. “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.”
There were 2,389 active listings for sale at the end of September 2020, 15.4 per cent fewer properties than the total available at the end of September 2019 and a 7.5 per cent decrease from the 2,584 active listings for sale at the end of August 2020.
