MONTHLY MARKET UPDATE — FEBRUARY 2021
A
total of 646 properties sold in the VREB region this past January. This represents an almost 57% increase over this same period in January 2019 which had only 411 total properties sold. Sales of Condominiums in the Victoria region also experienced a significant increase in sales activity versus the same period last year. Condo sales were up 83% from January 2019. Looking at the Monthly Sales Comparison chart, this time of year historically sees the lowest sales numbers. Our current market has been experiencing unprecedented activity, particularly in the shear number of Buyers currently bidding on homes as well a lack of inventory particularly in the most sought-after market segments.
Monthly Sales Comparison Greater Victoria - (2018-2021)
1100
1000
Number of Sales
900
800
700
646
600
500
400
300
200
There were only 1,321 active listings for sale on the Victoria Real Estate Board MLS system
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
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
631
2021
646
Absorption Rate
Greater Victoria Area - (2018-2021)
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 4.1
3.9
4.3 4.0 4.0
3.1
3
3.9
4.1
3.8 3.5
2.7
4.0
4.3 4.1
4.2 4.0
3.6
3.7
2.8
2.5
2
2.4 2.2
1.9
2.0 1.6
December
November
October
2021
September
2020
August
July
2019
June
2018
May
April
March
February
January
1
4.2
at the end of January. Of those 1,321 listings, approximately 225 were single family detached. Of those, only some 60 listings were priced under the one million dollar mark. This incredible lack of inventory and heightened buyer demand has seen our absorption rate drop below two months of inventory through the winter season. This effectively has created one of the strongest Seller’s Markets in history. Single family detached absorption rates, were consistently low across all our regions neighbourhoods last month, remaining below two months of inventory in the majority of our municipalities. On the peninsula we recorded 0.77 months of inventory in Central Saanich, 0.58 months of inventory in Sidney, and 1.25 months of inventory in North Saanich.
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!
The January benchmark price for a single family home in the Greater Victoria area increased from $828,400 in December to $839,800in January. Townhouse benchmarks dipped slightly from $627,900 to $625,900. Condominium benchmarks rose slightly from $505,900 to $509,900.
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range January 2021
7
5
4
3
1.79
2
1
0
0.62 0.65 0.60 Under $600K
$600K to $800K $800K to $1M
2.14
1.12
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Absorption Rates - Single Family Detached January 2021
January had 134 single family home sales over the $1M mark. 49 sold above the $1.5M mark. 25 sold over $2M and there were 10 sales over $3M.
2.50
2.25
2.00
Months of Inventory
The highest priced sale for January was a North Saanich waterfront home selling for approximately $8M. The lowest priced non-strata, freehold, non-manufactured, home in the Victoria Area (not including Sooke) was a Langford home, approximately 1,106sq/ft, for $558,900.
5.81
6
Months of Inventory
January continued to exhibit strong market demand despite the price range. Sub $1M single family market had approximately 0.6 months of inventor. However, demand for luxury property extends through the higher price ranges with 1.79 months of inventory between $1.5M and $2M. Over $2M, interest continues with 2.14 months of inventory. Finally, over $3M the absorption rate is 5.81 months of inventory.
1.50
1.26
1.25
1.24
1.13
1.11
1.00
1.00
0.88 0.77
0.71 0.48
0.50
0.75 0.58
0.25
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 - (2018-2021)
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 4.1
3.9
4.3 4.0 4.0
3.1
3
3.9
4.1
3.8 3.5
2.7
4.0
4.2
4.1
4.2 4.0
3.6
3.7
2.8
2.5
2.4
2
2.2
1.9
2.0 1.6
December
November
October
2021
September
2020
August
2019
July
June
2018
May
April
March
February
January
1
4.3
Monthly Sales Comparison Greater Victoria - (2018-2021) 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
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
631
2021
646
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 - Saanich Peninsula January 2021 3
2.36
2
1.80 1.25
1
0.77
1.13
0.86
0.58
0.30 n/a
0
SINGLE FAMILY
n/a
CONDOS
North Saanich
n/a
TOWNHOMES
Sidney
0.00
MANUFACTURED
Central Saanich
Absorption Rates - Single Family Detached January 2021
2.50
2.25
Months of Inventory
2.00
1.50
1.26
1.25
1.24
1.13
1.11
1.00
1.00
0.88 0.77
0.71 0.48
0.50
0.25
0.00
0.75 0.58
Absorption Rates - Condominiums January 2021
8.00
7.50
Months of Inventory
7.00
6.00
5.00
4.00
3.00
3.00
3.33
3.47
2.36 2.00
1.79
1.56
1.44
1.13
1.08 1.00
0.30 0.00
Absorption Rates - Townhouses January 2021
3.50
Months of Inventory
3.00
3.00 2.81
2.50
2.00
1.80
1.80
1.50
1.13
1.07 1.00
0.86
0.77 0.60
0.50
0.00
0.00
0.00
0.72
Absorption Rates - Manufactured Homes January 2021
10.00
9.00
9.00
Months of Inventory
8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.80
1.67 1.13
1.00
0.00
0.00