Behind the Numbers:
Competition for Single-Family Homes in Victoria
Wednesday, January 20, 2021
2021 is well underway and the first few weeks of the New Year for Victoria’s housing market have been eventful to say the least.
Most noticeably, a 25-year low in inventory paired with increased demand for Single-Family Detached (SFD) homes in the Victoria Core has led to a fair share of multiple-offer scenarios. The result? A number of homes selling for well above their asking price.
But just how many homes are selling above the list (or asking) price in Victoria? This post will break down SFD sales in Victoria so far this year. Let’s go #BehindTheNumbers.
SFD Sales in Victoria (as of January 20, 2021)
In just shy of 3 weeks, there have been 61 unconditional sales of SFD homes in Victoria across all price points. Here’s a snapshot of these sales broken out by price point:
- Sold over $1.5M – 18 properties
- Sold between $1.0-1.5M – 22 properties
- Sold under $1.0M – 21 properties
Of the 43 sales under $1.5M, how many sold for above list price?
After crunching the numbers, a total of 19 homes (or 44% of those 43 sales) sold above the list (or asking) price. Here are few highlights from this pool of properties in Victoria:
- 5 homes sold for more than $95,000 over asking
- the highest percentage above list price was 16% over asking
- the most a Buyer paid over asking amongst these properties was $160,000
The median Days on Market for these 19 homes was 5 days. The median Sale Price was $985,000 and the median Assessed Value was $882,000.
What about homes that sold for asking price or below asking in Victoria?
9 homes (or 21% of those 43 sales) sold exactly for asking price. The median Days on Market for these 9 homes was 15 days. The median Sale Price was $1,050,000 and the median Assessed Value was $883,000.
Finally, 15 homes (or 35% of those 43 sales) sold below asking price. The median Days on Market for these 15 homes was 33 days. The median Sale Price was $999,900 and the median Assessed Value was $922,000.
What do these stats say about Victoria’s SFD market?
As we can see, plenty of SFD homes in Victoria are receiving multiple offers and selling above the listing price. Stories have emerged of select properties receiving upwards of 20 offers, many of which were unconditional offers (i.e. not subject to any conditions such as financing, inspection, title review, etc.).
But, roughly 56% of SFD homes under $1,500,000 so far this year have either sold for asking price or less than asking price.
Thinking about a move in Victoria?
I’m here to help Buyers and Sellers navigate these highly-competitive times in today’s market.
If you’re thinking about making a move in Victoria, feel free to get in touch for a free Property Valuation or Market Analysis.