MONTHLY MARKET UPDATE — AUGUST 2020
A
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
4.1
4.3 4.1
4.2 4.0 3.7
2.3
2.4
2.3
2.1
December
November
October
2020
2.1
September
2019
4.2
3.6
August
2018
2.2
July
2017
June
March
February
1
2.4
2.5
May
2.3
2.5
4.0
3.8
3.5
April
2
3.9
4.0
3.9
2.3 2.5
demand for well priced, desirable property particularly in the $600K to $900K price range.
1100
1000
Number of Sales
4.3 4.0
2.5
Greater Victoria - (2017-2020)
563
800
700
600
500
400
300
200
5.2 4.1
2.7
Monthly Sales Comparison
900
3.4
5.6
3.1
January
There were 2,653 active listings for sale on the Victoria Real Estate Board MLS system in July. This is down approximately 10% from the same period last year. Less choice for consumers is driving very strong
Absorption Rate
Months of Inventory
total of 979 properties sold in the Victoria Real Estate Board this past July. This represents a near 40% increase in sales numbers from this same period in 2019, and a near 20% increase from June 2020. Sales of condominiums were up over 10% from July 2019, and single family home sales were up just over 60% from July of 2019. These impressive numbers are generally believed to be princpally an effect of the delayed spring market.
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
808
979
The luxury market under $1.5M has also started to see increased demand and increased sales numbers. On the peninsual we are seeing property in this price range is actually performing particularly well with absorption rates dropping below 4 months of inventory between $1M and $2M. The extreme luxury market over $3M has also been experiencing a robust amount of interest. Currently, there is 8 months of inventory over the $3M pricepoint, down from a peak of 44 months earlier this year.
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!
July had 514 single family home sales in Greater Victoria. Of those, 169 sold over the $1M mark. 61 sold above the $1.5M mark. 30 sold over $2M and there were 13 sales over $3M. The highest priced sale for July was an Oak Bay water front home selling for pproximately $7M. The lowest priced freehold, non-manufactured, home in the Victoria Area (not including Sooke) was a detached single family home in Langford, approximately 1,233sq/ft, for $500,000.
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range July 2020
9
8.40 7.58
8 7
Months of Inventory
The benchmark price for a single family home in Greater Victoria Area was $800,500 in July, up from $790,900 the month prior. Townhouse benchmarks rose from $590,100 to $597,000. Condominium benchmarks rose from $512,800 in June to $516,100 in July.
5.68
6 5 4
3.01
3 2
1.64 1.34 1.48
1 0
Under $600K
$600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Absorption Rates - Single Family Detached July 2020
4.00
What is an Absorption Rate?
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.
3.45
3.50
2.63 2.50
3.00
2.92
3.00
2.22
2.42 2.30 2.15
2.70 2.56
2.00
2.58
1.901.97
1.56 1.50
1.29
1.00
0.50
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 5.2 4.3
4.1
4.0
3.1
3
2.5 2.3
2
4.1
4.2 4.0
2.4
2.3
2.1
December
November
2020
2.1
October
2019
4.3
3.7
September
2018
4.2
3.6
August
2017
4.1
2.3 2.2
July
2.5
June
March
February
January
1
2.4
May
2.5
2.5
4.0
3.8
3.5
2.7
2.3
3.9
4.0
3.9
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
808
979
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 July 2020
4.00
3.45
Months of Inventory
3.50
2.63 2.50
2.22
2.42 2.30 2.15
2.00
1.56 1.50
1.00
0.50
0.00
3.00
2.92
3.00
1.29
2.70 2.56 1.901.97
2.58
Absorption Rates - Condominiums July 2020
8.00
7.00
Months of Inventory
7.00
6.00
6.09
6.00
5.95
6.00
5.00
4.00
4.00
3.97
3.21
3.10 3.19 3.00
2.12 2.00
1.00
0.00
2.83
Absorption Rates - Townhouses July 2020
16.00
15.00
Months of Inventory
14.00
12.00
10.00
8.00
6.00
4.20
4.50
4.00
2.00
0.00
2.76 2.87 1.00
1.67
2.65 1.57 0.00
2.14 2.10
2.78
Absorption Rates - Manufactured Homes July 2020
8.00
7.20
Months of Inventory
7.00
6.00
5.00
4.00
4.00
3.00
2.00
1.00
0.00
2.00
2.00
7.50
Absorption Rates - Saanich Peninsula July 2020 7
6.09
6
5
4
3
4.00
2.92 2.56 2.15
2.65
2.12
2
0
2.00
1.57
1
n/a
n/a n/a
North Saanich
Sidney
Central Saanich