MONTHLY MARKET UPDATE — DECEMBER 2020
A
total of 795 properties sold in the VREB region this past November. This represents an almost 38% increase over this same period in 2019 which only posted 577 total properties sold. Despite the increase from this time last year, November saw a almost 20% decrease from the previous month of October 2020. Condominium sales were up 63% over November 2019, and Single Family homes were up 22% from November of 2019. With COVID having had a exceptionally detrimental effect on our spring and early summer market, we experienced an incredible run of high sales numbers through late summer and fall this year. With four consecutive months of nearly one thousand sales per month from July through October, this marked an impressive recovery during what is historically the time of year we see sales numbers begin to dwindle.
Monthly Sales Comparison Greater Victoria - (2017-2020)
1100
1000
Number of Sales
900
800
795
700
600
500
400
300
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
795
Absorption Rate
Greater Victoria Area - (2017-2020)
Months of Inventory
7 6
5.7 5.3
5.1
4.7
5
4.7
4.6
4
4.2
4.3
3.4
5.6 5.2 4.3
4.1
4.0 4.0
3.9
3.1
3
2.7
4.1
2.3
2.5
4.2
4.3 4.1
4.2 4.0
3.6
3.7
2.8
2.5
2.4
2.5
2.2
2.5
2.3
2.4
2.1
2.4
2.0 December
November
October
2020
September
2019
August
July
2018
June
May
April
March
February
2017
2.3
2.1
2.2
January
1
4.0
3.8 3.5
2.3
2
3.9
Inventory through November dropped to new lows with only 1,813 active listings at the end of the month. This was a 24% decrease from inventory numbers at the end of November 2019, and a 15% decrease from the previous month, October 2020. This lack of inventory continues to drive down our absorption rates in what is well and truly a Seller’s Market. Buyers must be quick to compete on well priced, and well presented homes. When observing single family detached absorption rates, the November market remained quite strong across all the various neighbourhoods of Victoria. Absorption rates for single family detached homes generally remain below two months of inventory in the majority of our municipal-
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