MONTHLY MARKET UPDATE — SEPTEMBER 2021 EDITION
A
Monthly Sales Comparison Greater Victoria - (2018-2021)
1400
1200
Number of Sales
total of 831 properties sold in the greater Victoria Area this past August. This represents an almost 15% drop in sales numbers compared to the same period in 2020. Despite this overall drop in sales numbers, we are experiencing a slight surge in the condominium market here in Victoria. August saw an over 30% increase in condo sales compared to the same period last year. Additionally, we have seen a month to month increase of over 20% in condominium sales from July 2021. Sale of single family detached homes however are down almost 30% from August 2020.
1000
831 800
600
400
200
Lack of inventory remains the primary issue most buyers are presently facing. With
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
831
only 1,120 active listings available at the end of August 2021. This equates almost 57% fewer properties available at this same time one year ago. Despite these low numbers, our market remains extremely robust with 831 sales this past month.
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
1.5
4.3 4.1
4.2 4.0
3.6
3.7
1.4
1.3
1.3
1.3
2.4 2.2
2.0
December
November
October
2021
September
2020
August
July
2019
June
2018
May
February
April
January
1.3
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
Higher than average sales volume and very strong demand have supported strong benchmark pricing throughout the Greater Victoria Area. The luxury market has had a remarkable recovery as out-of-town buyers returned with the provincial travel restrictions having been lifted.
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