MONTHLY MARKET UPDATE — SEPTEMBER 2020
A
total of 979 properties sold in the Victoria Real Estate Board this past August, almost 50% more than the August of last year. Interestingly, exactly 979 properties sold last month as well, representing no change in sales numbers month to month. In contrast, August is historically when we begin to see sales start to drop as we enter our Fall/Winter market.
Absorption Rate
Greater Victoria Area - (2017-2020)
5.7 5.3
5.1
4.7
5
4.7
4.6
4
4.2
4.3
3
3.9
4.0
3.9
4.0 4.1
3.8 3.5
2.3 2.3
2.4
2.8
4.1
4.2 4.0
2.3
3.7 2.4
2.3
December
November
2020
2.1
October
2019
4.3
2.1
September
2018
4.2
3.6
August
2017
2.2
July
2.5
June
March
January
1
2.5
2.5
May
2
of listing inventory, coupled with high sales number has seen the absorption rate dip below 3 months of inventory, well into seller’s market territory.
1100
979
900
Number of Sales
4.3 4.0
2.5
Greater Victoria - (2017-2020)
800
700
600
500
400
300
200
5.2 4.1
2.7
Monthly Sales Comparison
1000
3.4
5.6
3.1
February
There were 2,584 active listings for sale on the Victoria Real Estate Board MLS system last month. This is down approximately 9% from the same period last year. Pent-up demand for housing remains the principal trend driving sales in the Victoria market; we are experiencing a significant degree of buyer fatigue as a result. Short supply
6
April
Months of Inventory
7
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
808
979
979
When examining single family detached absorption rates, the August market remained very strong across all the various neighbourhoods of Victoria with an average of 1.79 months of inventory. On the peninsula we recorded 1.36 months of inventory in Central Saanich, 1.74 months of inventory in Sidney, and 2.02 months of inventory in North Saanich. Single family home sales were up by 45% from August of 2019. Sales of condominiums were up approximately 30% from August of 2019.
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