INFOGRAPHICS: February 2020 VREB Victoria Market Reports
We’re quickly heading into spring, and here are the latest monthly figures for areas covered by the Victoria Real Estate Board (VREB)!
According to their most recent press release, February saw the Victoria real estate market shaking off the winter doldrums.
A total of 563 properties sold in the Victoria Real Estate Board region this February, 33.7% more than the 421 properties sold in February 2019 and 37% more than in January 2020. Sales of condominiums were up 35.7% from February 2019 with 175 units sold. Sales of single family homes increased 23.7% from January 2020 with 271 sold.
There were 2,127 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2020, 4 properties fewer than the total available at the end of February 2019 and an 8.6% increase from the 1,958 active listings for sale at the end of January 2020.
According to Victoria Real Estate Board President Sandi-Jo Ayers,
“February brought the bloom of an early spring market. Sales numbers are up substantially from last year, which in part indicates that our spring market may have arrived a bit earlier than a lot of our local blossoms. Additionally, we need to consider that last year’s sales activity was quite weak until April and May. Despite a 30+% increase in total sales over last year, our ten-year average for total sales in February is 537, so we are within less than 5% of our long-term average for the month.
One of the most prominent aspects of our market right now is this continued low inventory. Our ten-year average active listings for the month of February is 3,007. We concluded this month with just over 2,000 active listings, which means a lot less choice for consumers, more pressure on pricing and multiple offers.”
The following data is a comparison between February 2019 and February 2020 numbers, and is current as of March 2020.
Click on the images for a larger view!
(Protip: Make sure to grab the printable PDF versions, too! It fits best when printed on A4-sized sheets, AND we’ve added an area on the sheet where you can attach your business card! 🙂 )