Holmes Realty - Monthly Market Update - May 2021 Edition

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MONTHLY MARKET UPDATE — MAY 2021 EDITION

A

Monthly Sales Comparison

pril 2021 ended with a total of 1116 total properties sold in the VREB market region on our MLS system. April was also the month, last year, in 2020, when our market was most significanty affected by the COVID-19 virus and the government measures to curtail its spread. This same month last year only recorded a total of 287 sales.

Greater Victoria - (2018-2021)

1400

Number of Sales

1200

The influence that the lock-down measures had on our local market are significant enough to warrant discounting any comparisons between the second quarter of 2020 and our current market. A more grounded approach is a comparison to 2019 listing and sales numbers. Despite the continuing social issues presented by COVID-19, 2021 has been a spectacular year for

1116

1000

800

600

400

200

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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

631

2021

646

863

1173

1116

Absorption Rate

Greater Victoria Area - (2018-2021)

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 4.1

3.9

4.3 4.0 4.0

3.1

3

1.5

4.3 4.1

4.2 4.0

3.6

3.7

1.4

2.4 2.2

December

November

October

2021

September

2020

August

July

2019

June

2018

May

February

April

January

2.0 1.6

March

1.8

4.1

4.2

2.8

2.5

1.9

4.0

3.8 3.5

2.7

2 1

3.9

real estate here in the Capital region. April sales number compared to 2019 have experienced a 60.34% increase. The number of active listings however has seen the inverse. At the end of April 2019 there were 2,751 active MLS listings, while this past April has seen the inventory drop to only 1,454 active listings. This in turn has driven demand and prices firmly into one of the strongest sellers markets we’ve ever experienced. New listings of highly desirability property and sought after price ranges are experiencing very heavy demand. Multiple competing offers, and sales over asking remain commonplace. With only 1,454 active listings at the end of April, the benchmark price for a single family home climbed to $897,600 from $775,900

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