MONTHLY MARKET UPDATE — JUNE 2020
I
Greater Victoria Area - (2017-2020)
7 6
5.7 5.3
5.1
4.7
5
4.7
4.6
4
4.2
4.3
3
4.0
3.9
2.3 2.4
3.9
3.8
4.0 4.1
4.2
4.3 4.1
4.2 4.0
3.6
3.7 2.3
December
November
2020
October
2019
2.4
2.1
September
2018
2.3 2.1
August
2017
2.2
July
2.5
June
March
February
1
2.5
May
2.3
2.5
April
2
dustry, and practice of showing a home would adapt. As restrictions gradually begin to lift, we are certainly starting to experience a higher amount of interest from sellers for our listing services. While inventory continues to increase, we are still lacking somewhat in the most desirable single family price range of between $600K and $900K. Less choice for consumers leads to many buyers not finding their desired property and simply waiting for the property to come available. Well priced, desirable property in this particular range has been receiving significant interest, and sometimes multiple offers.
Greater Victoria - (2017-2020)
1000
900
Number of Sales
4.0
2.5
1100
800
700
600
500
563
300
200
4.3
4.1
2.7
Monthly Sales Comparison
400
3.4
5.6
3.1
January
There were 2,544 active listings for sale on the Victoria Real Estate Board MLS system in May. This is down approximately 16% from the same period last year; however it is also a roughly 10% increase over April. At the start of the COVID-19 crisis many sellers who were planning on listing this Spring simply pressed the pause button, opting instead to wait and see how the in-
Absorption Rate
Months of Inventory
n May, a total of 457 properties sold in the Greater Victoria Area. This represents a 59% increase in sales from the month prior (April) which, in the wake of the COVID-19 closures, saw our sales hit an unprecedented low of only 287 sales. While the increase in sales numbers is welcome news, our May numbers are still nowhere near the same time period from last year which ended with 848 sales in May 2019.
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
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
640
696
848
740
706
661
616
619
577
402
2020
411
563
608
287
457
The luxury market remains slow with property over the $1.5M price point having 8 or more months of inventory. The extreme luxury market over $3M
2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised!
currently has 44 months of inventory; a challenging price range currently with a significant number of competing listings and very few sales.
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range May 2020
50
44.25
45
February had 253 single family home sales in Greater Victoria. Only 13 sold above the $1.5M mark. Of those, only 5 properties sold over the $2M mark with the highest priced sale for May being an Oak Bay water view home at approximately $2.7M. The lowest priced freehold, non-manufactured, home in the Victoria Area (not including Sooke) was a detached single family home in Langford, approximately 1,062sq/ft, for $524,900.
40
Months of Inventory
The benchmark price for a single family home in Greater Victoria Area was $780,500 in May, up from $775,900 the month prior. Townhouse benchmarks dropped from $597,000 to $595,300. Condominium benchmarks dropped from $521,400 in April to $519,400 in May.
35 30
25.50
25 20 15 10 5 0
2.78 3.12
1.25
Under $600K $600K to $800K $800K to $1M
5.88 $1M to $1.5M
8.38
$1.5 to $2M
May 2020
9.00
This is calculated by dividing an 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. Generally, 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.
Months of Inventory
The absorption rate is the rate at which available homes are selling, in a specific market area, during a given period of time.
Over $3M
Absorption Rates - Single Family Detached
8.00
8.00
What is an Absorption Rate?
$2M to $3M
6.60
7.00
5.66
6.00
4.60
5.00
4.00
3.00
2.00
3.74
4.29 3.94 3.70
4.23
4.00 3.793.64 3.13
3.00 1.88
1.00
0.00
2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised!
Absorption Rate Greater Victoria Area - (2017-2020)
5.7
6
5.3
5.1
4.7
5
4.7
4.6
4
4.2
4.3
3.4
5.6 4.3
4.1
4.0 4.0
3.9
3.1
3
2.3
2.4
4.1
4.3 4.1
4.2 4.0
3.6
3.7 2.3
December
November
October
2020
2.1
September
2019
2.4
2.1
August
2018
2.3 2.2
July
2017
June
March
February
January
2.5
2.5
May
2.5
1
3.8
4.0
2.5 2.3
2
3.9
4.2
2.7
April
Months of Inventory
7
Monthly Sales Comparison Greater Victoria - (2017-2020) 1100
1000
Number of Sales
900
800
700
600
500
400
300
200
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
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
640
696
848
740
706
661
616
619
577
402
2020
411
563
608
287
457
Active Listings / Number of Sales Greater Victoria - (last 24 months) 3500
3000
2500
2000
1500
1000
500
0
Active Listings
Number of Sales
Absorption Rates - Single Family Detached May 2020
9.00
8.00
Months of Inventory
8.00
6.60
7.00
5.66
6.00
4.60
5.00
4.00
3.00
2.00
1.00
0.00
3.74
4.29 3.94 3.70
4.23
4.00 3.793.64 3.13
3.00 1.88
Absorption Rates - Condominiums May 2020
33.00
14.00
13.07
Months of Inventory
12.00
10.00
9.23
8.44 8.00
7.13
6.67 6.00
6.25 4.91
5.69 4.45
4.00
2.50 2.00
0.00
3.00
Absorption Rates - Townhouses May 2020
16.00
13.50
Months of Inventory
14.00
12.00
10.00
8.00
6.27 6.00
4.00
6.00
4.89 3.43
3.00
4.40
4.00 3.82
2.14
1.98
2.00
0.00
0.00
0.00
Absorption Rates - Manufactured Homes May 2020
6.00
5.40 5.00
Months of Inventory
5.00
4.00
3.00
2.14 2.00
1.00
0.00
2.18
2.00
Absorption Rates - Saanich Peninsula May 2020 14
13.07
12
10
8
6
7.13
5.66
6.00 6.27
4.23 4
3.13
2 0
2.00 2.18
n/a
n/a n/a
North Saanich
Sidney
Central Saanich
Saanich Peninsula Absorption Rates by Price Range May 2020
19.00
20
14.00
Months of Inventory
15
10.50 10
7.09 4.20
5
1.66 0
0.00 NO ACTIVE LISTINGS
Under $600K
$600K to $800K
$800K to $1M
$1M to $1.5M $1.5 to $2M
$2M to $3M
Over $3M
Victoria Absorption Rates by Price Range May 2020
13
12.00
12 11
Months of Inventory
10 9
7.20
8 7 6 5 4 3 2
3.00 1.91 1.64
1 0
NO SALES IN PAST 3 MONTHS
NO SALES IN PAST 3 MONTHS
$2M to $3M
Over $3M
0.00 0.00 Under $600K $600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
Saanich East Absorption Rates by Price Range May 2020
50
45.00
45
Months of Inventory
40
33.00
35 30 25 20 15
10.50
10 5 0
0.00 NO ACTIVE LISTINGS
1.95 1.93
Under $600K $600K to $800K $800K to $1M
5.35 $1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Oak Bay Absorption Rates by Price Range May 2020
18
16.20
16
Months of Inventory
14 12 10 8 6
4.00
4 2 0
NO SALES IN PAST 3 MONTHS
3.17
4.20 NO SALES IN PAST 3 MONTHS
NO SALES IN PAST 3 MONTHS
0.00
0.00 0.00 Under $600K
$600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Langford Absorption Rates by Price Range May 2020
15.00
16 15 14
12.00
13
Months of Inventory
12 11 10 9
7.91
8 7
5.31
6 5 4
2.76
3 2 1
1.05
NO SALES IN PAST 3 MONTHS
0.00
0 Under $600K
$600K to $800K
$800K to $1M
$1M to $1.5M $1.5 to $2M
$2M to $3M
Over $3M
Colwood Absorption Rates by Price Range May 2020
9
8.00
8
Months of Inventory
7
6.00
6 5 4
2.43
3 2 1 0
0.75
NO SALES IN PAST 3 MONTHS
NO SALES IN PAST 3 MONTHS
NO SALES IN PAST 3 MONTHS
$1.5 to $2M
$2M to $3M
Over $3M
0.00 0.00 0.00 Under $600K
$600K to $800K $800K to $1M
$1M to $1.5M
Metchosin Absorption Rates by Price Range May 2020
5
4.50
Months of Inventory
4
3
2
1.50
1
0
NO SALES IN PAST 3 MONTHS
NO SALES IN PAST 3 MONTHS
0.00 0.00 Under $600K
$600K to $800K $800K to $1M
NO SALES IN PAST 3 MONTHS
NO SALES IN PAST 3 MONTHS
NO SALES IN PAST 3 MONTHS
$1.5 to $2M
$2M to $3M
Over $3M
0.00 0.00 0.00 $1M to $1.5M
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range May 2020
50
44.25
45
Months of Inventory
40 35 30
25.50
25 20 15 10 5 0
1.25
2.78 3.12
Under $600K $600K to $800K $800K to $1M
5.88 $1M to $1.5M
8.38
$1.5 to $2M
$2M to $3M
Over $3M