Monthly Market Update - December 2020 Edition

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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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Monthly Market Update - December 2020 Edition by Holmes Realty Ltd. - Issuu