Victoria real estate spring market will be impacted by COVID-19

A total of 608 properties sold in the Victoria Real Estate Board region this March, five
per cent fewer than the 640 properties sold in March 2019 but eight percent more than
the previous month of February 2020. Sales of condominiums were down 9.2 per cent
from March 2019 with 178 units sold. Sales of single family homes decreased 5.3 per
cent from March 2019 with 305 sold.
 
"Last month, we stated that we saw the spring market kicking off," says Victoria Real
Estate Board President Sandi-Jo Ayers. "The start of March continued that trend and we
saw higher year over year sales for the first weeks of the month - spring had officially
sprung with multiple offers, new listings and sales. And then the world changed. Since
the COVID-19 pandemic was declared, we have tracked a predictable downturn of
sales in our market. Moving forward it is hard to predict what our spring market will look
like, but it will likely be very different than recent years as our entire community slows
down to stay healthy."
 
There were 2,252 active listings for sale on the Victoria Real Estate Board Multiple
Listing Service® at the end of March 2020, 7.5 percent fewer properties than the total
available at the end of March 2019 but a 5.9 per cent increase from the 2,127 active
listings for sale at the end of February 2020.  
 
"Right now, it is not business as usual," adds Ayers. "Our REALTORS® are working to
ensure that services for clients who need them are delivered in a healthy, safe and
secure way. Our industry is working with government stakeholders to make sure that
transactions that were underway before the pandemic was declared are protected and
that homeowners are able to complete sales and purchases. This is a time to ensure
our clients are safeguarded as well as to ensure that our community stays healthy.
Many Realtors are leveraging new technologies including video home tours and virtual
showings. Our message is - if you need us, we are here."
 
The Multiple Listing Service® Home Price Index benchmark value for a single family
home in the Victoria Core in March 2019 was $836,100. The benchmark value for the
same home in March 2020 increased by five per cent to $877,700, 1.1 per cent more
than February's value of $868,100. The MLS® HPI benchmark value for a condominium
in the Victoria Core area in March 2019 was $507,700 while the benchmark value for
the same condominium in March 2020 increased by 4.8 per cent to $531,900, 0.9 per
cent more than the February value of $527,400