MONTHLY MARKET UPDATE — NOVEMBER 2021 EDITION
O
ctober 2021 closed out with a total of
Monthly Sales Comparison
745 MLS property sales in the Greater
Greater Victoria - (2018-2021)
1400
Victoria Area. This is a 25% drop in sales from October of 2020. Sales from the pre-
1200
proximately 2%. This drop in sales is chiefly the product of a supply issue. Over the previous ten years, the average number of homes for sale in the Greater Victoria Area was 3,210. This past October
Number of Sales
vious month however are only down by ap1000
745
800
600
saw only 1,036 active listings. This contin-
400
uous, unprecedented lack of inventory remains the primary issue why most buyers
200
and sellers are hesitating
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
761
745
Demand for property in the 800K to
Absorption Rate
Months of Inventory
tinue to experience multiple offers and
6
over asking price sales on listings po-
5.7 5.3
5.1
4.7
5
4.7
4.6
4
4.2
4.3
3.4
sitioned in this extremely sought-after
5.6
4.3
4.1
4.0 4.0
3.9
3.9
3.5
2.7
4.1
4.2
4.3 4.1
4.2
The benchmark price for a single family home climbed from $1,013,900 in
4.0
3.6
3.7
2.8
September to $1,021,400 in October. The benchmark price of a home in Oc-
1.5 1.9
4.0
3.8
2.5
2
tober of 2020 was $805,100.
2.4 1.4
1.3
1.3
1.3
1.3
1.4
2.2
2.0
1.3
1.8
1.6
December
November
October
2021
September
2020
August
July
2019
June
2018
May
April
March
February
January
1
price range.
5.2
3.1
3
1.5M range is higher than ever. We con-
Greater Victoria Area - (2018-2021)
7
Town-
houses climbed from $725,600 to $741,400 last month. The benchmark for a townhnouse this time one year
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!