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!
jumped from $481,400 in January 2021 to $578,000 last month.
The highest priced sale during January 2022 was an Uplands home selling for $7,325,000. The lowest priced non-strata, non-manufactured, freehold, property was an 815 sqft home in Victoria West which was completely unfinished on its interior, and required significant renovation to make habitable for $565,500.
January 2022
7
6.21
Months of Inventory
6
5
4
2.91
3
2
1.23 1
0
0.50 0.44 0.63 0.58 Under $600K
$600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Absorption Rates - Single Family Detached January 2022
7.00
6.00
6.00
Months of Inventory
Despite the gradual increase of inventory we are experiencing across the Greater Victoria Area, absorption rates remain extremely low. For property priced below 1.5 million dollars, there is less than 1 month of inventory. Between 1.5M and 2M the absorption is only 1.23 months of inventory. When looking at the absorption rates across our various municipalities, we also continue to see strong demand in all of our neighbourhoods. Even the Highlands despite the chart indicating otherwise. Unlike other neighbourhoods the Highlands has a very low density, and as such, posts very few new listings and sales each month. Because of this, the accuracy of the absorption rate calculation for the Highlands is diminished. Well priced homes in great condition sell in the Highlands just as quickly as in our other municipalities in our current market.
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range
5.00
4.00
3.00
2.00
1.00
1.57 0.81
1.08 0.69 0.27
0.93 0.91 0.88
0.91
1.50
1.33
0.85
0.53
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 - (2019-2022)
Months of Inventory
7 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
2
4.0 3.7
2.4
1
1.4
1.3
1.3
1.3
1.3
1.4
2.0 1.6
1.3
1.2
1.1
1.4
December
November
2022
October
September
2021
August
2020
July
2019
June
2018
May
April
March
February
January
0
1.8 1.5
4.1
4.2
2.2 1.9
4.3
Active Listings / Number of Sales Greater Victoria - (last 24 months) 3000
2500
2000
1500
1000
500
0
Active Listings
Number of Sales
Monthly Sales Comparison Greater Victoria - (2019-2022) 1400
Number of Sales
1200
1000
800
600
400
200
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 Rates - Single Family Detached January 2022
7.00
6.00
Months of Inventory
6.00
5.00
4.00
3.00
2.00
1.00
1.57 0.81
1.08 0.69 0.27
0.00
0.93 0.91 0.88
0.91 0.53
1.50 0.85
1.33
Absorption Rates - Condominiums January 2022
4.00
Months of Inventory
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
1.00
1.00
1.00
0.33
1.14 0.86
0.69
0.52
0.41 NO ACTIVE 0.00 LISTINGS
0.60
Absorption Rates - Townhouses January 2022
10.00
9.00
9.00
Months of Inventory
8.00
7.00
6.00
5.00
4.00
3.00
2.40 1.80
2.00
1.00
0.90
0.75 0.24
0.00
0.50
0.75
1.09 NO ACTIVE 0.00 LISTINGS
1.07 0.17
Absorption Rates - Manufactured Homes January 2022
6.00
5.00
Months of Inventory
5.00
4.00
3.00
2.00
1.33 1.00
0.50 0.00
NO ACTIVE 0.00 LISTINGS
0.43
Absorption Rates - Saanich Peninsula January 2022 2
0.91
1
0.88
0.93
1.09 0.86 0.69
0
0.75
n/a
n/a
SINGLE FAMILY CONDOS
TOWNHOMES
North Saanich
Sidney
Central Saanich
Oak Bay Absorption Rates by Price Range January 2022
5
3.86
4
Months of Inventory
4 3
2.63
3 2 2
0.75
1 1 0
NO ACTIVE LISTINGS OR SALES
NO ACTIVE LISTINGS OR SALES
NO ACTIVE LISTINGS OR SALES
NO ACTIVE LISTINGS
0.00 0.00 0.00 Under $600K
$600K to $800K $800K to $1M
0.00 $1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Saanich Peninsula Absorption Rates by Price Range January 2022
3.75
4
3.00
Months of Inventory
3
2
1.29 1
0
0.68
1.00
0.36
NO SALES PAST 3 MONTHS
0.00 Under $600K
$600K to $800K
$800K to $1M
$1M to $1.5M $1.5 to $2M
$2M to $3M
Over $3M
Victoria Absorption Rates by Price Range January 2022
4
3.00
Months of Inventory
3
1.80
2
1.00
1
0
1.50
NO ACTIVE LISTINGS OR SALES
0.38
0.53
0.00 Under $600K
$600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Saanich East Absorption Rates by Price Range January 2022
13
12.00
12 11
Months of Inventory
10 9 8 7 6 5 4
2.57
3 2 1 0
NO ACTIVE LISTINGS OR SALES
NO SALES PAST 3 MONTHS
0.00 0.00 Under $600K
0.43 0.45
$600K to $800K $800K to $1M
$1M to $1.5M
1.00 $1.5 to $2M
$2M to $3M
Over $3M
Langford Absorption Rates by Price Range January 2022
3.75
4
Months of Inventory
3
2
1.50 1.09 0.75 0.65
1
0
NO SALES PAST 3 MONTHS
NO ACTIVE LISTINGS OR SALES
0.00 Under $600K
0.00 $600K to $800K
$800K to $1M
$1M to $1.5M $1.5 to $2M
$2M to $3M
Over $3M
Colwood Absorption Rates by Price Range January 2022
7
6.00
Months of Inventory
6
5
4
3.00
3
2
1.50 1.38
1
1.04
NO ACTIVE LISTINGS
0
NO SALES IN PAST 3 MONTHS
0.00 Under $600K
0.00 $600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Metchosin Absorption Rates by Price Range January 2022
4
3.00
Months of Inventory
3
2
1
0
NO ACTIVE LISTINGS OR SALES
NO ACTIVE LISTINGS
NO ACTIVE LISTINGS
0.00 0.00 0.00 Under $600K
$600K to $800K $800K to $1M
NO ACTIVE LISTINGS
NO ACTIVE LISTINGS
NO SALES LAST 3 MONTHS
$1.5 to $2M
$2M to $3M
Over $3M
0.00 0.00 0.00 $1M to $1.5M
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range January 2022
7
6.21
Months of Inventory
6
5
4
2.91
3
2
1.23 1
0
0.50 0.44 0.63 0.58 Under $600K
$600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M