MONTHLY MARKET UPDATE — FEBRUARY 2021 EDITION
I
n January 2022, a total of 474 properties sold on the Victoria Real Estate Board MLS system. This is down some 26% from the same period in 2021. Overall, sales numbers are up by roughly 8% over the previous month of December 2021. Interestingly, sales numbers of Condominiums are up by 23.7% from this past December, however Single Family Detached sales numbers dropped by 13.5%. Historically the winter season experiences slower activity; what was remarkable this past December was the absence of inventory. Only 652 active listings available for sale on the Victoria Real Estate Board MLS at the end of December. Almost 50% fewer than the previous historical low.
Monthly Sales Comparison Greater Victoria - (2019-2022)
1400
Number of Sales
1200
1000
800
600
474
400
200
Despite these low inventory numbers, Jan-
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
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
653
438
2022
474
Absorption Rate
Greater Victoria Area - (2019-2022)
5.7
6 5.1
5.3 4.7
5
5.6 5.2 4.1
4 3
4.7
4.6 4.2
2.5
4.3 2.7
3.4
3.1
3.9
4.0 4.0
4.3 3.9
4.0
3.8
4.1 3.6 2.8
3.5
4.2
4.0 3.7
2.4
1.5
1.4
1.3
1.3
1.3
1.3
1.4
2.0 1.6 1.2
September
2021
August
2020
July
2019
June
May
April
March
February
2018
2022
1.1
December
1.3
1.4 1.4
January
0
1.8
November
1
1.9
4.1
4.2
2.2
2
4.3
October
Months of Inventory
7
uary began to see an increase in listing activity. The number of new listings in the Greater Victoria Area climbed by 73.4% from December 2021. This bodes well for the ever present pool of Buyers who have been struggling with low inventory levels, rising prices, and multiple offer competitions of homes often selling well above list price. The benchmark price for a single family home in January 2021 was $847,400 in the Greater Victoria Area. Over the past year, that benchmark price has climbed to $1,085,800. Town house benchmarks climbed from $608,900 in January 2021 to $771,100 last month, and. Finally, condominium benchmarks have
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!