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MARKET UPDATE

AUGUST

2018

T

here were a total of 2,607 active listings on the market at the end of August, a 35% increase from this period last year. There were only 651 sales of in the

Greater Victoria Area last month, 17% less than July 2017 and an 8% decrease from June 2018. This drop in sales numbers is primarily due to a lack of inventory in the sub $750K price bracket. Property in this bracket is in extremely high demand. The higher end market is seeing the opposite effect, $1.5M and above homes are remaining on the market longer and buyers in that bracket have many listings to choose from. For example, in the first seven months of 2017 there were 481 single family detached properties for sale listed at $1.5M or above. For the same time period in 2018, there were 664 properties for sale in this range, an increase of almost 28%. The benchmark price for

Monthly Sales Comparison Greater Victoria - (2015-2018)

a single family home in

1400

the Greater Victoria Area 1200

to July, from $745,100 to $741,000. Townhouse benchmarks also dropped from $594,100 to $586,100 last month.

Number of Sales

dropped slightly from June

1000

800

600

651

400

Condominium benchmark prices remained relatively unchanged at $485,200.

200

Jan

Feb

2015

351

542

734

840

905

910

796

741

704

734

573

465

2016

539

772

1121

Mar

1286

Apr

1289

May

1174

Jun

972

Jul

883

Aug

781

Sep

735

Oct

599

Nov

471

Dec

2017

478

675

929

885

1006

1008

790

736

640

664

671

462

2018

431

545

688

774

755

708

651

The benchmark price

Holmes Realty Ltd. 2481 Beacon Ave. Sidney, BC V8L 1X9 250-656-0911 WWW.HOLMESREALTY.COM

of a home in the City of Victoria was $860,700. In Oak Bay, prices fell from $1,298,700 to $1,265,100. In Westshore, the benchmark was $626,500. On the Peninsula, it was $948,200 in North Saanich, $667,000 in Sidney, and $743,000 in Central Saanich. The benchmark price for a condominium on the Peninsula was $479,800 Last month, there were only 7 waterfront single family home sales the Victoria Area. There were a total of 71 sales over $1M. Of those, Only 9 were over $2M with the highest priced sale being just over $6.75M in Uplands. The lowest priced freehold, non-manufactured home in the Victoria Area (not including Sooke) was an 881 sq/ft single family home in Langford for $445,000.


CAPITAL REGION SALES HOW TO INTERPRET ABSORPTION RATES An absorption rate is the rate at which available homes are in a specific market area during a given period of time. This is calculated by dividing the average number of sales into the number of homes currently on the market. The rate shows how many months it will take to exhaust the supply of homes. A value between 5 and 6 months is considered to indicate a healthy, balanced market. A value over 6 is considered a Buyers market, and values under 5 are generally a Sellers market.

Absorption Rate

Greater Victoria Area - (2015-2018)

Months of Inventory

8 7 7.2

6

7.3

7.1 6.4

6.6

5.6

5 3.9

4.1

4 3 2

3.9

3.7

4.0

5.0 4.5

3.4

2.5

2.3

2.7

3.8

3.1 3.3

2.6 2.3

2.5

2.4

2.5

2.2

4.0 3.8

2.1

2.3

2.4

2.3 2.1

2.2

2.0

2.1

2.0

December

November

October

2018

1.9

September

2017

1.9

August

July

2016

June

May

April

March

February

January

2015

4.0

2.5 2.0

1

4.3


Absorption Rate

Greater Victoria Area - (2015-2018)

Months of Inventory

8 7 7.2

6

7.3

7.1 6.4

6.6

5.6

5 3.9

4.1 3.7

4 3 2

3.9

4.0

5.0 4.5

3.4

2.5

2.3

2.7

3.8

3.1 3.3

2.6 2.3

2.5

2.4

2.5

2.2

4.0 3.8

2.1

2.3

2.4

2.3 2.1

2.2

2.0

2.1

2.0

December

November

October

2018

1.9

September

2017

1.9

August

July

2016

June

May

April

March

February

January

2015

4.0

2.5 2.0

1

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 - (2015-2018)

1400

Number of Sales

1200

1000

800

600

400

200

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015

351

542

734

840

905

910

796

741

704

734

573

465

2016

539

772

1121

1286

1289

1174

972

883

781

735

599

471

2017

478

675

929

885

1006

1008

790

736

640

664

671

462

2018

431

545

688

774

755

708

651


Absorption Rates - Single Family Detached July 2018

6.00

5.43 5.19 4.88

Months of Inventory

5.00

3.87

4.00

3.50

3.35 2.94

3.00

2.51

2.38 1.98

2.00

1.65 1.09

1.00

0.00

2.87

2.76

2.64


Absorption Rates - Condominiums July 2018

6.00

6.00

42.00

Months of Inventory

5.00

4.00

3.46 3.12 2.88

3.00

2.36 2.00

1.84

1.81 1.42 1.13

1.00

0.00

0.86

1.07


Absorption Rates - Townhouses July 2018

7.00

6.00

Months of Inventory

6.00

5.00

4.13 4.00

3.60

3.00

2.67

2.57

2.55

2.19 2.00

1.86 1.41 0.83

1.00

0.00

0.00

1.07 0.75


Absorption Rates - Manufactured Homes July 2018

6.00

5.08

Months of Inventory

5.00

4.00

3.00

2.00

1.91 1.33

1.00

0.00

0.00

5.00


Absorption Rates - Saanich Peninsula July 2018 6.00

6 5.19 5

4 3.35 2.76

3

2.88 2.57

2

1 1.33 0

0.75

n/a n/a

n/a

North Saanich

Sidney

0.00

Central Saanich

Holmes Realty Monthly Market Update - August 2018 Edition  

Presented by Paul Macris Holmes Realty Ltd. www.PaulMacris.com paul.macris@holmesrealty.com

Holmes Realty Monthly Market Update - August 2018 Edition  

Presented by Paul Macris Holmes Realty Ltd. www.PaulMacris.com paul.macris@holmesrealty.com