Monthly Market Update - June 2020 Edition

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MONTHLY MARKET UPDATE — JUNE 2020

I

Greater Victoria Area - (2017-2020)

7 6

5.7 5.3

5.1

4.7

5

4.7

4.6

4

4.2

4.3

3

4.0

3.9

2.3 2.4

3.9

3.8

4.0 4.1

4.2

4.3 4.1

4.2 4.0

3.6

3.7 2.3

December

November

2020

October

2019

2.4

2.1

September

2018

2.3 2.1

August

2017

2.2

July

2.5

June

March

February

1

2.5

May

2.3

2.5

April

2

dustry, and practice of showing a home would adapt. As restrictions gradually begin to lift, we are certainly starting to experience a higher amount of interest from sellers for our listing services. While inventory continues to increase, we are still lacking somewhat in the most desirable single family price range of between $600K and $900K. Less choice for consumers leads to many buyers not finding their desired property and simply waiting for the property to come available. Well priced, desirable property in this particular range has been receiving significant interest, and sometimes multiple offers.

Greater Victoria - (2017-2020)

1000

900

Number of Sales

4.0

2.5

1100

800

700

600

500

563

300

200

4.3

4.1

2.7

Monthly Sales Comparison

400

3.4

5.6

3.1

January

There were 2,544 active listings for sale on the Victoria Real Estate Board MLS system in May. This is down approximately 16% from the same period last year; however it is also a roughly 10% increase over April. At the start of the COVID-19 crisis many sellers who were planning on listing this Spring simply pressed the pause button, opting instead to wait and see how the in-

Absorption Rate

Months of Inventory

n May, a total of 457 properties sold in the Greater Victoria Area. This represents a 59% increase in sales from the month prior (April) which, in the wake of the COVID-19 closures, saw our sales hit an unprecedented low of only 287 sales. While the increase in sales numbers is welcome news, our May numbers are still nowhere near the same time period from last year which ended with 848 sales in May 2019.

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

563

608

287

457

The luxury market remains slow with property over the $1.5M price point having 8 or more months of inventory. The extreme luxury market over $3M

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!


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