MONTHLY MARKET UPDATE — NOVEMBER 2020
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Monthly Sales Comparison Greater Victoria - (2017-2020)
1100
990
1000
900
Number of Sales
ctober 2020 ended with a total of 990 properties sold in the Greater Victoria Area. This represents an unprecedented increase of almost 60% more sales compared to October of last year. COVID all but shut down our historically busy spring and early summer market here in the Capital. What we have been experiencing over the last three months truly is “Spring in the Fall” for our local market, as buyers are quick to snap up well priced, and well presented homes. Pent-up demand and low supply of inventory is resulting in tremendous competition and often multiple offers.
800
700
600
500
400
300
There were 2,122 active listings for sale on the Victoria Real Estate Board MLS system last month. This is short supply as we are seeing nearly 20% fewer homes available compared to
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
563
608
287
457
808
979
979
989
990
this same period last year, and an 11% decrease from the 2,389 active listings at the end of September 2020. When observing single family detached absorption rates, the October market remained quite strong across all the various neighbourhoods of Victoria. Absorption rates for single family detached houses are below two months of inventory in all municipalities but two. On the peninsula we recorded 1.33 months of inventory in Central Saanich, 1.18 months of inventory in Sidney, and 1.09 months of inventory in North Saanich. Single family home sales were up by 53% from October of 2019. Sales of condominiums were up approximately 71% from October of 2019.
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