MONTHLY MARKET UPDATE — MAY 2021 EDITION
A
Monthly Sales Comparison
pril 2021 ended with a total of 1116 total properties sold in the VREB market region on our MLS system. April was also the month, last year, in 2020, when our market was most significanty affected by the COVID-19 virus and the government measures to curtail its spread. This same month last year only recorded a total of 287 sales.
Greater Victoria - (2018-2021)
1400
Number of Sales
1200
The influence that the lock-down measures had on our local market are significant enough to warrant discounting any comparisons between the second quarter of 2020 and our current market. A more grounded approach is a comparison to 2019 listing and sales numbers. Despite the continuing social issues presented by COVID-19, 2021 has been a spectacular year for
1116
1000
800
600
400
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
863
1173
1116
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
1.5
4.3 4.1
4.2 4.0
3.6
3.7
1.4
2.4 2.2
December
November
October
2021
September
2020
August
July
2019
June
2018
May
February
April
January
2.0 1.6
March
1.8
4.1
4.2
2.8
2.5
1.9
4.0
3.8 3.5
2.7
2 1
3.9
real estate here in the Capital region. April sales number compared to 2019 have experienced a 60.34% increase. The number of active listings however has seen the inverse. At the end of April 2019 there were 2,751 active MLS listings, while this past April has seen the inventory drop to only 1,454 active listings. This in turn has driven demand and prices firmly into one of the strongest sellers markets we’ve ever experienced. New listings of highly desirability property and sought after price ranges are experiencing very heavy demand. Multiple competing offers, and sales over asking remain commonplace. With only 1,454 active listings at the end of April, the benchmark price for a single family home climbed to $897,600 from $775,900
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!
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range
in 2020 and $743,700 in April 2019. Townhouses climbed from $594,800 in April 2019 to $669,900 last month. Finally condominium benchmarks have jumped from $501,800 in 2019 to $540,400 in April 2021.
One market segment that is experiencing the beginnings of a slight cooling-off is demand for the highest luxury property, over $3M. The absorption rate for property in this market segment has climbed to 7.2 months of inventory from only 4.13 last month. The highest priced sale for April 2021 was a Central Saanich home several hundred thousand over its 2.95M asking price. The lowest priced non-strata, freehold, non-manufactured, home in the Victoria Area (not including Sooke) was a Colwood home, approximately 1,066 sq/ft, for $600,000.
7.20
7
Months of Inventory
6
5
4
2.52
3
2
1
0
1.04
0.52 Under $600K
0.72 0.76
$600K to $800K $800K to $1M
$1M to $1.5M
1.27
$1.5 to $2M
$2M to $3M
Over $3M
Absorption Rates - Single Family Detached April 2021
1.80
1.67 1.60
1.42
Months of Inventory
Single family detached absorption rates remain historically low across all of the Greater Victoria Area. Absorption rates remained below two months of inventory in all of our municipalities. On the peninsula, the absorption rate was 0.89 months of inventory in Central Saanich, 0.69 months of inventory in Sidney, and 1.42 months of inventory in North Saanich.
April 2021
8
1.40
1.20
1.01 1.00
0.83 0.80
0.74
0.94
0.91
0.89
0.80 0.79 0.67
0.70
0.69
0.60
0.40
0.27 0.20
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
4.1
4.3 4.1
4.2 4.0
3.6
3.7
2.8
2.5
1.5 1.9
4.0
3.8 3.5
2.7
2
1.4
2.4 2.2
2.0
1.8
1.6
December
November
October
2021
September
2020
August
2019
July
June
2018
May
April
March
February
January
1
3.9
4.2
Active Listings / Number of Sales Greater Victoria - (last 24 months) 3500
3000
2500
2000
1500
1000
500
0
Active Listings
Number of Sales
Monthly Sales Comparison Greater Victoria - (2018-2021) 1400
Number of Sales
1200
1000
800
600
400
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
863
1173
1116
Absorption Rates - Single Family Detached April 2021
1.80
1.67 1.60
Months of Inventory
1.42 1.40
1.20
1.01 1.00
0.83 0.80
0.74
0.94
0.91
0.89
0.80 0.79 0.67
0.70
0.69
0.60
0.40
0.27 0.20
0.00
Absorption Rates - Condominiums April 2021
3.00
2.77
Months of Inventory
2.50
2.00
1.50
1.52
1.75
1.64
1.25
1.14
1.05 1.00
0.77 0.50
0.00
0.70 0.50
0.58
Absorption Rates - Townhouses April 2021
3.50
3.00
Months of Inventory
3.00
2.50
2.00
1.50
1.23 0.96
1.00
0.55 0.50
0.00
1.06
0.92
0.83
0.55
0.50
0.29 0.00
0.00
Absorption Rates - Manufactured Homes April 2021
4.00
3.60
Months of Inventory
3.50
3.00
2.50
2.00
1.36
1.50
1.00
0.50
0.00
0.75 0.43
0.43
Absorption Rates - Saanich Peninsula April 2021 2
1.75 1.42
1.25 1
0.89 0.92
0.69
0.83 0.75
0.43 n/a
0
SINGLE FAMILY
n/a
CONDOS
North Saanich
n/a
TOWNHOMES
Sidney
MANUFACTURED
Central Saanich