MONTHLY MARKET UPDATE — DECEMBER 2020
A
total of 795 properties sold in the VREB region this past November. This represents an almost 38% increase over this same period in 2019 which only posted 577 total properties sold. Despite the increase from this time last year, November saw a almost 20% decrease from the previous month of October 2020. Condominium sales were up 63% over November 2019, and Single Family homes were up 22% from November of 2019. With COVID having had a exceptionally detrimental effect on our spring and early summer market, we experienced an incredible run of high sales numbers through late summer and fall this year. With four consecutive months of nearly one thousand sales per month from July through October, this marked an impressive recovery during what is historically the time of year we see sales numbers begin to dwindle.
Monthly Sales Comparison Greater Victoria - (2017-2020)
1100
1000
Number of Sales
900
800
795
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
979
989
990
795
Absorption Rate
Greater Victoria Area - (2017-2020)
Months of Inventory
7 6
5.7 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 4.0
3.9
3.1
3
2.7
4.1
2.3
2.5
4.2
4.3 4.1
4.2 4.0
3.6
3.7
2.8
2.5
2.4
2.5
2.2
2.5
2.3
2.4
2.1
2.4
2.0 December
November
October
2020
September
2019
August
July
2018
June
May
April
March
February
2017
2.3
2.1
2.2
January
1
4.0
3.8 3.5
2.3
2
3.9
Inventory through November dropped to new lows with only 1,813 active listings at the end of the month. This was a 24% decrease from inventory numbers at the end of November 2019, and a 15% decrease from the previous month, October 2020. This lack of inventory continues to drive down our absorption rates in what is well and truly a Seller’s Market. Buyers must be quick to compete on well priced, and well presented homes. When observing single family detached absorption rates, the November market remained quite strong across all the various neighbourhoods of Victoria. Absorption rates for single family detached homes generally remain below two months of inventory in the majority of our municipal-
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!
ities. On the peninsula we recorded 1.05 months of inventory in Central Saanich, 1.33 months of inventory in Sidney, and 1.17 months of inventory in North Saanich.
The November benchmark price for a single family home in the Greater Victoria area increased from $795,200 in October to $813,700. Townhouse benchmarks rose from $617,100 to $620,700. Condominium benchmarks also rose slightly from $504,500 to $508,400. November had 134 single family home sales over the $1M mark. 54 sold above the $1.5M mark. 23 sold over $2M and there was 1 sale over $3M. The highest priced sale for November was a North Saanich waterfront home selling for just over $8.5M. The lowest priced non-strata, freehold, non-manufactured, home in the Victoria Area (not including Sooke) was a Langford home, approximately 1,370sq/ft, for $550,000.
November 2020
4.70
5 5
Months of Inventory
4 4 3 3
1.91
2 2 1
2.25
1.13 0.63 0.56 0.73
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 November 2020
3.50
3.33
3.00
Months of Inventory
November, like the past few months, had very strong demand in the sub $1.5M single family market. Demand for luxury property extends through the higher price ranges with 1.91 months of inventory between $1.5M and $2M. Over $2M, interest continues with 2.25 months of inventory. Finally, over $3M the absorption rate is 4.70 months of inventory. Excellent numbers all around and certainly strong evidence of the Seller’s Market we are currently experiencing.
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range
2.50
2.00
2.00
1.75 1.40
1.50
1.00
0.50
1.33 1.06 1.05
0.93
1.17
1.38 1.09 0.91
0.41 0.38
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)
Months of Inventory
7
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 4.0
3.9
3.1
3
2.7
4.1
2.3
4.3 4.1
4.2 4.0
3.6
3.7
2.8
2.5
2.5
2.4
2.5
2.3 2.2
2.4
2.3
2.1
2.1
2.5
2.4 2.2
2.0 December
November
October
2020
September
2019
August
2018
July
June
2017
May
April
March
February
January
1
4.0
3.8 3.5
2.3
2
3.9
4.2
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
979
989
990
795
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 November 2020
3.50
3.33
Months of Inventory
3.00
2.50
2.00
2.00
1.75 1.40
1.50
1.00
0.50
0.00
1.33 1.06 1.05
0.93
0.41 0.38
1.17
1.38 1.09 0.91
Absorption Rates - Condominiums November 2020
4.50
4.07 3.86
Months of Inventory
4.00
3.50
3.11 3.00
2.50
2.00
2.13
2.01 1.58
1.50
1.53
1.32
1.28
1.00
0.50
0.00
0.47
0.38
Absorption Rates - Townhouses November 2020
3.00
2.40
Months of Inventory
2.50
2.04 2.00
1.64
1.56 1.50
1.00
0.79
0.75 0.60 0.50
0.00
0.56 0.30
0.30
0.19 0.00
Absorption Rates - Manufactured Homes November 2020
2.50
2.00
Months of Inventory
2.00
1.50
1.33 1.20
1.13 1.00
0.50
0.00
0.00
Absorption Rates - Saanich Peninsula November 2020 3
2.13 2
2
1.33 1.17 1.05
1
1.13 1
0
0.47
0.56
n/a
n/a
0.19 n/a
North Saanich
Sidney
0.00
Central Saanich