Holmes Realty - Monthly Market Update - September 2020

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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.

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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