Tight housing market continues in February with relentless demand and low inventory. Demand has grown in all housing types and sales increased 36% compared to January with only a 3% increase in inventory. Prices were up 7% overall compared to January averaging 121% of assessed value. Median house price has increased from $710,000 to $746,000. Housing supply has again diminished, leaving us with only 1.2 months of inventory vs. 1.5 months in January and December. Not sure we can get more blood from this beautiful rock we live on.
Sales stats for Victoria
Single Family Homes: We are down to a 0.9 month supply of single family homes with 314 sales and 296 listings; with an average of 9 days on market, most sales are ending in multiple offers and many bids are won with cash offers. Prices have increased 5% compared to January and 9% vs. December and averaging 128% of the assessed value. Sales volume increased 29% compared to January and inventory is up only 6%. The most extreme supply and demand ratio was in the City of Victoria with 0.6 months of supply from 25 listings and 41 sales. The Core ended with 0.8 months of inventory. By price, homes priced under $1.5M have 0.8 month supply; $1.5M - $4M are at 1.8 months and only above $4M are we in a balanced market with 5.2 months of inventory.
Condo: Demand for condos has increased as well and with 409 listings and 275 sales we are down to 1.5 months of inventory vs. 1.9 months in January and 2.1 months in December. Sales volume is up 30% vs. January and there was no increase in inventory. Sales prices have increased by 6% and condos are selling for 114% of assessed value on average. Westshore seemed hardest hit with demand leaving us with 0.6 months of inventory from 35 listings and 58 sales. By price we are in a Seller’s market in all price ranges but particularly low in supply under $500k with only 0.9 months of inventory. Westshore has only 18 listings under $500k and only 0.4 months of inventory with 50 sales in this price range. Sales volume in the under $500k price range is up 29% vs. January but with 10% less inventory. 10 condos priced over $1M sold in the Core pushing the price per square foot to $689 in the downtown area.
Townhomes and Duplexes: these homes end with 1.0 month of inventory vs. 1.6 in January and prices pushed up 6% with an average selling price 127% of assessed value. The Core had the lowest increase in prices averaging 117% and Westshore the highest with 130% of assessed value. All price ranges had strong sales, even $1M+ ended with only 1.9 months of supply. Sales volume is up 54% over January with no increase in listings.
As always if you would like some help to sell or buy a home here in our lovely city, please don't hesitate to call Stephen.