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!