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MARKET UPDATE

DECEMBER

2018

W

ith the cooler temperatures in November came a cooler market here in the Greater Victora Area. A total of 498 MLS listed properties sold last month. This is down just over 25% from 671 sales in November 2017, and down just under 17% from October of this year. A significant difference was anticipated relative to the great November sales numbers we had in 2017 which had been the results of a rush of buyers looking to avoid stiffer lending rules set to take effect in January of this year. Nonetheless, last months numbers certainly are a reflection of the hesitation we are seeing from buyers with respect to current market pricing. There were a total of 2,343 active listings available for sale at the end or November. This represents a near 33% increase of inventory compared to this same time last year. However, listing numbers are down from October of this year by some 6.7%. The benchmark price for a single family home in the Greater Victoria Area was $754,600 in November, down from $765,300 October. Townhouse benchmarks also dropped slightly from $588,900 to $583,200 last month. Condominium benchmark prices dropped from $495,600 to $493,400. The benchmark price of Monthly Sales Comparison Greater Victoria - (2015-2018) a home in the City of Victoria was $865,200. Oak Bay was $1,245,200 and Westshore was $623,300. On the Peninsula, the benchmarks were $914,700 in North Saanich, $642,900 in Sidney, and $758,900 in Central Saanich. The 498 benchmark price for a condominium on the Peninsula was $485,700 in October. 1400

Number of Sales

1200

1000

800

600

400

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

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

594

533

598

462

Last month, there were 13 waterfront single family home sales the Victoria Area. There were a total of 49 sales over $1M. Of those, only 2 were over $2M with the highest priced sale being just over $7.85M in Uplands. The lowest priced freehold, non-manufactured home in the Victoria Area (not including Sooke) was a 593 sq/ft single family home for $440,000. The lowest priced freehold strata condominium sale in the Victoria Area was a 630 sq/ft one bedroom one bathroom unit in Colwood for $175,000.


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

4.5 3.9

4.1

2

4.0

3.9

3.4

2.5

2.3

2.7

3.1

3.8 3.3

2.6 2.3

2.5

2.4

2.5

2.2

4.2

4.3

4.1

4.0

3.6 2.1

2.3

2.4

3.8

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

3.7

4 3

5.0


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

4.5 3.9

4.1

2

4.0

3.9

3.4

2.5

2.3

2.7

3.1

3.8 3.3

2.6 2.3

2.5

2.4

2.5

2.2

4.2

4.3

4.1

4.0

3.6 2.1

2.3

2.4

3.8

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

3.7

4 3

5.0


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

594

533

598

462


Absorption Rates - Single Family Detached November 2018

8.00

7.27 7.00

Months of Inventory

6.36 6.02

6.00

5.00

5.00

5.00

4.64

4.00

3.63

3.00

2.56 2.12

2.00

1.00

0.00

2.25

4.09

3.91

2.39

2.33

2.28


Absorption Rates - Condominiums November 2018

42.00

7.00

6.36

Months of Inventory

6.00

5.00

4.64

3.82

4.00

2.92

2.89

3.00

2.38

2.54

2.38

2.00

1.28 1.00

0.00

3.63

1.37


Absorption Rates - Townhouses November 2018

30.00

25.00

Months of Inventory

25.00

20.00

15.00

15.00

10.50 10.00

2.25 0.00

5.00

5.00

5.00

2.06

2.33

2.50

2.95

4.44

3.57

3.11


Absorption Rates - Manufactured Homes November 2018

9.00

8.33

Months of Inventory

8.00

7.00

6.00

5.00

4.23 4.00

3.33 3.00

2.33 2.00

1.00

0.00

0.63


Absorption Rates - Saanich Peninsula November 2018 7 6.02 6

5

5.00 4.44

3.91

4

3.63

3.82

3 3.33

2.33 2

1

0

n/a

0.63

n/a n/a

North Saanich

Sidney

Central Saanich

Monthly Market Update - December 2018 Edition  

Presented by Holmes Realty Ltd. www.HolmesRealty.com

Monthly Market Update - December 2018 Edition  

Presented by Holmes Realty Ltd. www.HolmesRealty.com