MARKET UPDATE
MARCH
2019
F
ebruary ended with a total of 421 properties sold in the Greater Victoria Area. When compared with this same period, February 2018, this represents a 22.5% decrease in sales; however, sales have increased some 28% when compared with the previous month, January 2019. While overall sales numbers are down relative to prior years, historically, the trend remains the same; we should expect to see sales numbers improve as we approach the warmer months. This trend is illustrated in the graph below. Last month saw our inventory climb to 2,131 active listings on our MLS system, a 3.6% increase from January 2019 and an almost 38% increase from this same time last year. The benchmark price for a single family home in the Greater Victoria Area was $739,500 in February, down from $742,000 the month prior. Townhouse benchMonthly Sales Comparison marks remained the Greater Victoria - (2016-2019) same from January to February at $587,500. Condominiums rose on the benchmark with an increase from $491,700 in January, to $495,000. 1400
Number of Sales
1200
1000
800
600
The benchmark price of a home in the City of 421 Victoria was $815,300. Oak Bay was $1,181,200 and Westshore was $618,000. On the Peninsula, the benchmarks were $934,700 in North Saanich, $646,100 in Sidney, and $763,500 in Central Saanich. The benchmark price for a condominium on the Peninsula was $477,400 in February. 400
200
Holmes Realty Ltd. 2481 Beacon Ave. Sidney, BC V8L 1X9 250-656-0911 WWW.HOLMESREALTY.COM
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2016
539
772
1121
1286
1289
1174
972
883
781
735
599
471
2017
478
675
929
885
1006
1008
790
736
640
664
671
462
2018
431
545
688
774
755
708
651
594
533
598
462
375
2019
329
421
Last month, there were 5 waterfront single family home sales in the Victoria Area. There were a total of 44 sales over $1M. Of those, only 8 were over the $2M price point. The highest priced sale for February was in Gordon Head at over $3.1M. The lowest priced freehold, non-manufactured, home in the Victoria Area (not including Sooke) was an 851 sq/ft single family home for $455,000 in the Langford area. The lowest priced freehold strata condominium sale in the Victoria Area was a 668 sq/ft one bedroom one, bathroom unit in Saanich for $225,000.
CAPITAL REGION SALES HOW TO INTERPRET ABSORPTION RATES An absorption rate is the rate at which available homes are in a specific market area during a given period of time. This is calculated by dividing the average number of sales into the number of homes currently on the market. The rate shows how many months it will take to exhaust the supply of homes. A value between 5 and 6 months is considered to indicate a healthy, balanced market. A value over 6 is considered a Buyers market, and values under 5 are generally a Sellers market.
Absorption Rate
Greater Victoria Area - (2016-2019)
Months of Inventory
8 7
5.7
6 5.1
5 3.9
4.1
3 2
3.8
3.7
4
4.1
4.0
3.9
3.4
2.5
2.3
2.7
3.3
4.1
3.6
2.6
2.4
2.5
2.2
2.1
2.3
2.3 2.1
2.2
2.0
2.1
2.0
December
November
October
2019
1.9
September
2018
1.9
August
July
2017
June
May
April
March
February
January
2016
2.4
2.5 2.0
1
4.3
3.1 2.3
2.5
4.2
Absorption Rate
Greater Victoria Area - (2016-2019)
Months of Inventory
8 7
5.7
6 5.1
5 3.9
4.1
3 2
3.8
3.7
4
4.1
4.0
3.9
3.4
2.5
2.3
2.7
3.3
4.1
3.6
2.6
2.4
2.5
2.2
2.1
2.3
2.3 2.1
2.2
2.0
2.1
2.0
December
November
October
2019
1.9
September
2018
1.9
August
July
2017
June
May
April
March
February
January
2016
2.4
2.5 2.0
1
4.3
3.1 2.3
2.5
4.2
Active Listings / Number of Sales Greater Victoria - (last 24 months) 3000
2500
2000
1500
1000
500
0
Active Listings
Number of Sales
Monthly Sales Comparison Greater Victoria - (2016-2019)
1400
Number of Sales
1200
1000
800
600
400
200
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2016
539
772
1121
1286
1289
1174
972
883
781
735
599
471
2017
478
675
929
885
1006
1008
790
736
640
664
671
462
2018
431
545
688
774
755
708
651
594
533
598
462
375
2019
329
421
Absorption Rates - Single Family Detached February 2019
9.00
7.86
Months of Inventory
8.00
7.00
6.35
6.28 6.00
5.00
5.00
4.39
4.49
4.23 3.87
4.00
3.27
3.18 2.78
3.00
2.27 2.00
1.00
0.00
0.83
2.38
4.52
Absorption Rates - Condominiums February 2019
13.00
8.00
7.00
Months of Inventory
6.41 6.00
5.00
5.00
3.95
4.00
4.33
4.07 3.46
3.00
3.00
3.18
3.13 2.37
2.00
1.00
0.00
3.46
Absorption Rates - Townhouses February 2019
20.00
18.00
Months of Inventory
16.00
14.00
12.00
10.00
8.46
8.33 8.00
7.00
6.00
5.00
5.00
4.00
3.44
2.92
2.63
1.59
2.00
0.63 0.00
6.67 5.33 4.47
Absorption Rates - Manufactured Homes February 2019
6.00
5.71
Months of Inventory
5.00
3.85
4.00
3.18 3.00
2.67
2.00
1.00
0.63
0.00
Absorption Rates - Saanich Peninsula February 2019 7
7.00
6.28
6.41
6 5.71
5.33
5 4.33
3.87
4
3.27 3
2
1
0
n/a
0.63
n/a n/a
North Saanich
Sidney
Central Saanich
Saanich Peninsula Absorption Rates by Price Range February 2019
16.88
18 17 16 15
Months of Inventory
14 13 12 11 10 9 8
7.50
7 6
4.17
5 4
5.42
2.39
3 2 1 0 Under $600K
$600K to $800K
$800K to $1M
$1M to $2M
Over $2M
Saanich East Absorption Rates by Price Range February 2019
50
43.33
Months of Inventory
40
30
20
10
0
2.50
2.60
3.08
Under $600K
$600K to $800K
$800K to $1M
4.91 $1M to $2M
Over $2M
Victoria Absorption Rates by Price Range February 2019
7
6.25
Months of Inventory
6
5.00
4.72
5
4
3.09
2.65
3
2
1
0
Under $600K
$600K to $800K
$800K to $1M
$1M to $2M
Over $2M
Oak Bay Absorption Rates by Price Range February 2019
13.33
14 13 12
Months of Inventory
11 10 9 8 7 6 5 4
2.31
3
2.94
2 1 0
0.00
0.00
Under $600K
$600K to $800K
$800K to $1M
$1M to $2M
Over $2M
Langford Absorption Rates by Price Range February 2019
17
15.71
16 15 14
Months of Inventory
13 12 11 10 9
7.22
8 7 6
4.24
5 4 3 2
1.91 0.00
1 0 Under $600K
$600K to $800K
$800K to $1M
$1M to $2M
Over $2M
Metchosin Absorption Rates by Price Range February 2019
7.50
8
7
Months of Inventory
6
5.00
5
4
2.50
3
2
1
0
0.00 Under $600K
0.00 $600K to $800K
$800K to $1M
$1M to $2M
Over $2M
Colwood Absorption Rates by Price Range February 2019
8
7.00
7
Months of Inventory
6
5.45
5
4.12 4
3
2
1
0
0.83 0.00 Under $600K
$600K to $800K
$800K to $1M
$1M to $2M
Over $2M
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range February 2019
20.63
22 21 20 19 18
Months of Inventory
17 16 15 14 13 12 11 10 9 8 7 6 5 4 3
2.26
3.49
4.29
5.03
2 1 0
Under $600K
$600K to $800K
$800K to $1M
$1M to $2M
Over $2M