{' '} {' '}
Limited time offer
SAVE % on your upgrade.

Page 1

MONTHLY MARKET UPDATE — FEBRUARY 2020

T

This disparity over inventory levels and sales numbers continues to create buyer pressure in the mid to low market segment. Desirable, well priced property in this segment remains very popular with an absorption rate of only 1.66 months of inventory in the 600K to 800K range.

Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range January 2020

30

26.00 25

Months of Inventory

his past January, a total of 411 properties sold in the Greater Victoria Area. This represents ~25% more sales than this same time period last year; however, only ~2% more than December. Despite the improvement in sales numbers, compared to last year, our inventory levels have remained quite low. January ended with only 1,958 active listings on our MLS system, only 6 more than the total available at the end of December.

20

15

9.56

10

6.00 5

0

2.28 1.35 1.66 Under $600K $600K to $800K $800K to $1M

$1M to $1.5M

$1.5 to $2M

$2M to $3M

Over $3M

The luxury market remains slow with property over the $1.5M price point having 6 or more months of inventory. The extreme luxury market over $3M currently has 26 months of inventory; a market with a significant number of competing listings and very few sales.

Monthly Sales Comparison Greater Victoria - (2017-2020)

1100

1000

900

Number of Sales

3.40

800

700

600

500

400

411

300

200

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

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

375

2019

329

421

640

696

848

740

706

661

616

619

577

402

2020

411

The benchmark price for a single family home in Greater Victoria Area was $756,000 in January, up very slightly from $753,100 the month prior. Townhouse benchmarks rose to $603,000 from $594,600 the month prior. Condominium benchmarks however remained relatively unchanged from December at $510,200. The benchmark price of a home in Victoria was $833,900. Oak Bay was

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!


Greater Victoria Area - (2017-2020)

8 7 5.7

6 5.1

5.3 4.7

5

4.3

4.1

4 3

4.0

2.3

4.1

2.1

4.1

4.2 4.0 3.7

2.3

2.4

2.3 2.1

December

November

2020

October

2019

4.3

4.2

3.6

September

2018

4.0

August

2017

2.2

July

2.5

3.8

June

2.4

2.5

May

2.5

3.9

4.0

3.9

April

2.3

3.1

March

1

2.5

2.7

3.4

February

2

4.2

January

There were 174 single family home sales in Greater Victoria in January. Only 23 sold above the $1.5M mark, of those, only 4 properties sold over the $2M mark with the highest priced sale for January being a Deep Cove, North Saanich waterfront at approximately $4M. The lowest priced freehold, non-manufactured, home in the Victoria Area (not including Sooke) was a detached single family strata home in Langford, ~1,200sq/ft, for $460,000.

Absorption Rate

Months of Inventory

$1,185,600 and Langford was $664,300. On the Peninsula, the benchmarks were $934,700 in North Saanich, $646,800 in Sidney, and $753,500 in Central Saanich. In January, the benchmark price for a condominium in Sidney was $484,200, in Victoria was $475,500, and Sannich East was $453,800.

Absorption Rates - Single Family Detached January 2020

12.00

What is an Absorption Rate?

This is calculated by dividing an 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. Generally, 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.

10.00

Months of Inventory

The absorption rate is the rate at which available homes are selling, in a specific market area, during a given period of time.

11.00

8.00

6.33 6.00

4.50 3.86

4.00

2.33 2.00

1.20

0.00

2.75

2.69 1.58

2.38

3.42 2.75 2.08

1.26

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 - (2017-2020)

7 5.7

6 5.1

5.3 4.7

5

4.3

4.1

4.2

4 3

2.5

2.7

3.4 3.1

4.0 4.0

3.9

2.3

4.1

4.0

2.4

2.3

2.1

2.1

December

November

2020

4.1

4.2

October

2019

4.3

3.7 2.3

2.2

4.2

3.6

September

2018

3.8

4.0

August

2017

3.9

July

2.5

June

2.4

May

2.5

2.5

April

January

1

2.3

March

2

February

Months of Inventory

8


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 - (2017-2020) 1100

1000

Number of Sales

900

800

700

600

500

400

300

200

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

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

375

2019

329

421

640

696

848

740

706

661

616

619

577

402

2020

411


Absorption Rates - Single Family Detached January 2020

12.00

11.00

Months of Inventory

10.00

8.00

6.33 6.00

4.50 3.86

4.00

2.33 2.00

1.20

0.00

2.75

2.69

0.00

1.58

1.26

2.38

3.42 2.75 2.08


Absorption Rates - Condominiums January 2020

31.50

14.00

Months of Inventory

12.00

10.00

9.00

8.45 8.00

7.05 6.00

5.00 4.00

2.00

0.00

3.99

4.71 3.50

3.27 1.96

2.43

2.09


Absorption Rates - Townhouses January 2020

7.00

6.00

6.00

6.00

Months of Inventory

5.40 5.00

4.50 4.00

3.55 3.00

3.00

2.36 2.00

2.00

1.88

1.77

1.50 1.00

0.00

0.75

2.09


Absorption Rates - Manufactured Homes January 2020

8.00

7.00

Months of Inventory

7.00

6.00

5.50 5.00

4.00

3.00

3.00

1.88

2.00

1.50 1.00

0.00


Absorption Rates - Saanich Peninsula January 2020 31.50 14

12

10

8 6.33

7.05

6

7.00

6.00 4 2.38 2.75

3.55

2 0

n/a

1.50

n/a n/a

North Saanich

Sidney

Central Saanich


Saanich Peninsula Absorption Rates by Price Range January 2020

28.50

30

Months of Inventory

25

20

15

11.40 8.25

10

5

1.80 0.89

2.48 3.14

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 January 2020

7

6.00

Months of Inventory

6

5

4

3.43

3

3.00

2.25 1.69

2

1

0

0.75

NO SALES IN 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


Saanich East Absorption Rates by Price Range January 2020

30

27.00

Months of Inventory

25

20

16.50 15

10

4.64 3.78

5

0

1.46 0.83 0.00 NO ACTIVE LISTINGS

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

$1M to $1.5M

$1.5 to $2M

$2M to $3M

Over $3M


Oak Bay Absorption Rates by Price Range January 2020

20

18.00

18

Months of Inventory

16 14 12 10 8

5.50

6

6.75

4 2 0

0.00 0.00 NO ACTIVE LISTINGS

NO ACTIVE LISTINGS

0.86

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

1.88 $1M to $1.5M

$1.5 to $2M

$2M to $3M

Over $3M


Langford Absorption Rates by Price Range January 2020

10

9.00

9

Months of Inventory

8 7 6 5

4.00

4

2.74

3

3.21

2 1

0.75

NO SALES IN PAST 3 MONTHS

$2M to $3M

Over $3M

0.00 0.00

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 January 2020

7

6.00 6.00

Months of Inventory

6

5

4

3

2.12 2

1.00

1 NO ACTIVE LISTINGS

0

0.00 Under $600K

NO SALES IN PAST 3 MONTHS

NO SALES IN PAST 3 MONTHS

$2M to $3M

Over $3M

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

$1M to $1.5M

$1.5 to $2M


Metchosin Absorption Rates by Price Range January 2020

10

9.00

9

Months of Inventory

8 7

6.00

6 5 4

3.00

3 2 1 0

NO ACTIVE 0.00 LISTINGS Under $600K $600K to $800K $800K to $1M

NO SALES IN PAST 3 MONTHS

NO SALES IN PAST 3 MONTHS

NO SALES IN PAST 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 2020

30

26.00

Months of Inventory

25

20

15

9.56

10

6.00 5

0

2.28 1.35 1.66 Under $600K $600K to $800K $800K to $1M

3.40 $1M to $1.5M

$1.5 to $2M

$2M to $3M

Over $3M

Profile for Holmes Realty Ltd.

Monthly Market Update - February 2020 Edition  

Presented by Holmes Realty Ltd. www.HolmesRealty.com 250-656-0911

Monthly Market Update - February 2020 Edition  

Presented by Holmes Realty Ltd. www.HolmesRealty.com 250-656-0911