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MARKET UPDATE

NOVEMBER

2019

A

total of 577 properties sold in the Victoria Real Estate Board market area this past November. This represents an almost 16% increase from this same time last year and an almost 7% decrease from October 2019. Low inventory and strong demand for mid priced homes continues to push that market segment further into a Seller’s Market. This is more than apparent when looking at absorption rates by price range. Single Family Detached homes in the $600K to $800K range have only 1.82 months of inventory in the Greater Victoria Area. Whereas property over the 1.5M price point remains somewhat stagnate. Starting this month, we have modified our stats slightly to break up the 1M to 2M price range. We felt this necessary as we are seeing a definite threshold at the 1.5M price point. For example, there are 3.44 months of inventory for property between 1M and 1.5M in Greater Victoria; however, between 1.5M and 2M the absorption rate more than doubles with 7.33 months of inventory. Between 2M and 3M there is 12 months of inventory, and over 3M there is 33 months of inventory!

Monthly Sales Comparison Greater Victoria - (2016-2019)

1400

1200

Number of Sales

There were 2,397 active listings on the Victoria MLS system at the end of November, 9.3% fewer than the month prior, but also a 2.3% increase from this same period last year.

1000

800

The benchmark price for 577 a single family home in the Greater Victoria Area was $751,000 in November, down slightly from $756,300 the month prior. Townhouse benchmarks rose slightly to $588,600 from $587,200 the month prior. Condominium benchmarks also rose month-to-month from $500,300 in October, to $506,300 in November. 600

400

200

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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

375

2019

329

421

640

696

848

740

706

661

616

619

577

The benchmark price of a home in the City of Victoria was $824,700. Oak Bay was $1,162,400 and Langford was $641,200. On the Peninsula, the benchmarks were $956,100 in North Saanich, $659,600 in Sidney, and $749,900 in Central Saanich. The benchmark price for a condominium on the Peninsula was $481,600 in November. There are 383 homes for sales in the Greater Victoria Area over the 1M price point; of those, 133 are over the 2M mark. There were a total of 70 sales of SFD property over 1M; of those, only 11 were between 1.5M and 2M. Only 8 properties sold above the 2M price point. The highest priced sale for November was a 2.3 acre waterfront in South Oak Bay at just over 7.5M million dollars! The lowest priced freehold, non-manufactured, home in the Victoria Area (not including Sooke) was an ~1,800sq/ft home for $400,000 in Langford.


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 - (2016-2019)

Months of Inventory

8 7 5.7

6 5.1

5.3 4.7

5 3.9

2

4.0

3.7

4 3

4.3

4.1

4.1

3.4

2.5

2.3

2.7

3.1 3.3

4.0

3.9

2.4

2.5

3.8

2.2

4.2

4.0

3.6 2.1

2.3

2.4

4.1

2.3 2.1

2.2

2.0

2.1

2.0

December

November

October

2019

1.9

September

2018

1.9

August

July

2017

June

May

April

March

February

January

2016

4.3

2.5 2.0

1

4.1

4.2

2.6 2.3

2.5

3.9

4.0


Absorption Rate

Greater Victoria Area - (2016-2019)

Months of Inventory

8 7 5.7

6 5.1

5.3 4.7

5 3.9

2

4.0

3.7

4 3

4.3

4.1

4.1

3.4

2.5

2.3

2.7

3.1 3.3

4.0

3.9

2.4

2.5

3.8

2.2

4.1

4.0

3.6 2.1

2.3

2.4

2.3 2.1

2.2

2.0

2.1

2.0

December

November

October

2019

1.9

September

2018

1.9

August

July

2017

June

May

April

March

February

January

2016

4.2

4.1

2.5 2.0

1

4.0

4.3

2.6 2.3

2.5

3.9

4.2


Active Listings / Number of Sales Greater Victoria - (last 24 months) 3500

3000

2500

2000

1500

1000

500

0

Active Listings

Number of Sales


Monthly Sales Comparison Greater Victoria - (2016-2019)

1400

Number of Sales

1200

1000

800

600

400

200

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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

375

2019

329

421

640

696

848

740

706

661

616

619

577


Absorption Rates - Single Family Detached November 2019

6.00

5.45

5.32

Months of Inventory

5.00

3.89

4.00

3.61 3.33 3.00

2.79 2.54

2.35 2.10 2.00

1.60

1.00

0.00

1.00

2.03 1.78

0.88

3.51


Absorption Rates - Condominiums November 2019

21.00

14.00

Months of Inventory

12.00

10.00

8.00

6.33

6.00

6.00

4.00

4.00

2.87 2.00

0.00

6.72

2.69 1.50

2.28

2.56

3.00

2.54


Absorption Rates - Townhouses November 2019

9.00

Months of Inventory

8.00

7.67

7.00

6.00

5.00

4.50

4.00

3.69

3.60 2.82

3.00

2.40 2.00

1.35

1.50

2.17 1.63

1.00

0.00

0.00

2.20

2.19


Absorption Rates - Manufactured Homes November 2019

10.00

9.00

9.00

Months of Inventory

8.00

6.75

7.00

6.00

6.00

5.00

4.00

3.00

3.00

2.00

1.00

0.00

1.67


Absorption Rates - Saanich Peninsula November 2019 7

6.72 6.33

6

5.45

5 3.89

4

3.69 3 2.03

3.00

2

2.17

1

0

1.67 n/a n/a n/a

North Saanich

Sidney

Central Saanich


Saanich Peninsula Absorption Rates by Price Range November 2019

15

Months of Inventory

11.50 10

7.50

7.50 5

1.50

2.38 2.27 NO SALES IN PAST 3 MONTHS

0.00

0 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 November 2019

10

9.00

9

Months of Inventory

8 7 6 5

3.83

4 3

2.33

2 1 0

4.20

1.73

0.60 Under $600K $600K to $800K $800K to $1M

NO SALES IN PAST 3 MONTHS

0.00 $1M to $1.5M

$1.5 to $2M

$2M to $3M

Over $3M


Saanich East Absorption Rates by Price Range November 2019

60

51.00 Months of Inventory

50

40

30

20

10

0

NO SALES IN PAST 3 MONTHS

0.00 1.11 1.13 Under $600K $600K to $800K $800K to $1M

3.24 $1M to $1.5M

7.36 $1.5 to $2M

5.40 $2M to $3M

Over $3M


Oak Bay Absorption Rates by Price Range November 2019

30

27.00 24.00

Months of Inventory

25

20

15

10

4.71

5

0

NO SALES IN PAST 3 MONTHS

NO SALES IN PAST 3 MONTHS

0.00 0.00 0.71 Under $600K $600K to $800K $800K to $1M

1.75 $1M to $1.5M

$1.5 to $2M

$2M to $3M

Over $3M


Langford Absorption Rates by Price Range November 2019

18

16.20

17 16 15

Months of Inventory

14 13 12 11 10 9 8 7

5.25

6 5

2.88

4 3 2

4.50

1.40

NO SALES IN PAST 3 MONTHS

$2M to $3M

Over $3M

0.00 0.00

1 0 Under $600K

NO SALES IN PAST 3 MONTHS

$600K to $800K

$800K to $1M

$1M to $1.5M $1.5 to $2M


Colwood Absorption Rates by Price Range November 2019

9

8.00

8

Months of Inventory

7 6 5 4

3.00

3 2

2.25 1.20

1 0

0.75

NO SALES IN PAST 3 MONTHS

NO SALES IN PAST 3 MONTHS

$2M to $3M

Over $3M

0.00 0.00 Under $600K

$600K to $800K $800K to $1M

$1M to $1.5M

$1.5 to $2M


Metchosin Absorption Rates by Price Range November 2019

10

9.00

9

Months of Inventory

8 7 6 5

4.00

4 3

1.50

2 1 0

NO SALES IN PAST 3 MONTHS

NO SALES IN PAST 3 MONTHS

0.00 0.00 Under $600K $600K to $800K $800K to $1M

NO SALES IN PAST 3 MONTHS

NO SALES IN PAST 3 MONTHS

$2M to $3M

Over $3M

0.00 0.00 $1M to $1.5M

$1.5 to $2M


Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range November 2019

33.00

35

Months of Inventory

30

25

20

15

12.00

10

5

0

7.33 3.44 2.44 2.08 1.82 Under $600K $600K to $800K $800K to $1M

$1M to $1.5M

$1.5 to $2M

$2M to $3M

Over $3M

Profile for Holmes Realty Ltd.

Monthly Market Update - November 2019 Edition  

Presented by Holmes Realty Ltd.

Monthly Market Update - November 2019 Edition  

Presented by Holmes Realty Ltd.