MONTHLY MARKET UPDATE — JUNE 2021 EDITION
O
Monthly Sales Comparison Greater Victoria - (2018-2021)
1400
1200
Number of Sales
ur Greater Victoria real estate market continued to show unwaivering demand through the month of May. Ongoing inventory supply issues and tremendous sales numbers continues to push the overall absorption rate lower in our region. May 2021 ended with a total of 1049 total properties sold in the VREB market region on our MLS system. May last year during the height of the shutdown was when we began to see first signs of this unprecedented demand for housing.
1049
1000
Discounting last years abysmal sales figures and instead looking at 2019 numbers, May sales number experienced a 23.70% increase. With listings, May 2019 ended with 3,040 active MLS listings. This year,
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
1049
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
2.0
December
November
October
2021
September
2020
August
July
2019
June
2018
May
February
April
January
1.3
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
May 2021 ended with only 1,450 active listings. While we have started to see some softening of prices in certain market segments, in particular the ultra high end luxury component. We speculate that the slow down in the luxury market may have to do with the travel restrictions currently in place, as a significant amount of our high end inventory is sought after by out of town buyers. The benchmark price for a single family home climbed to $943,000 from $790,400 in 2020. Townhouses climbed from $576,200 May 2020 to $670,200 last month. Finally condominium benchmarks have jumped from
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