MONTHLY MARKET UPDATE — AUGUST 2021 EDITION
T
Our sales numbers are down from this same period in 2020; however it’s worth noting that the Q3 and Q4 of 2020 saw an unprecedented surge in demand caused by COVID-19’s influence on the market. Looking further back, our current market is still outperforming both 2019
Monthly Sales Comparison Greater Victoria - (2018-2021)
1400
1200
Number of Sales
he Greater Victoria real estate market continued to experience very strong demand throughout July. Despite the high seasonal temperatures, and summer holidays, the ongoing inventory shortage kept the absorption rate low and buyer demand high. The gradual drop in sales numbers we have experienced since this past March is due in part to limited inventory; however, we historically see sales begin to taper off this time of year.
1000
843 800
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
1049
942
835
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 4.3
4.1
4.0 4.0
3.9
3.1
3
4.1
3.8 3.5
2.7
4.1
4.2 4.0 3.7
1.4
1.3
1.3
1.3
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
4.3
2.8
1.5 1.9
4.2
3.6
2.5
2 1
4.0
3.9
and 2018 sales numbers. Concerning active inventory numbers, July 2019 ended with 2,949 active MLS listings available to the market. This past July, less than half of that number was available with only 1,270 active listings. Despite this inventory crunch, this July there were some 273 more sales than during the same period in 2019! Strong demand and higher than average sales numbers have supported strong benchmark pricing throughout the Greater Victoria Area. The luxury market has started to see increased demand with the provincial travel restrictions having been lifted. Many out of town buyers have been dropping into our office this past month looking for information on Real Estate.
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