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.