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MARKET UPDATE JUNE 2014

S

pring is here and so is our spring market! Sales numbers continued to rise throughout the month of May. The Greater Victoria Area closed last month with a total of 714 MLS sales. Compared to May of last year - an increase of over 8%. Our May market hasn't seen high sales numbers like these since 2010 which is great news. Inventory rose last month from 4,404 active MLS listings, up to 4,672. Rising inventory numbers are status quo for this time of year. As the sun comes out and gardens start to bloom, anybody with thoughts of selling tends to put up a sign. This increase in supply means that our market has something for everyone right now. The Home Price Index (HPI) benchmark price for Single Family Detached (SFD) homes in Victoria was $498,500 in May. This is up very slightly from $494,300 in March. Our overall HPI year to year is slightly higher from an HPI benchmark price of $493,600 this time last year. The Condominium market trended downward slightly in this month past from a benchmark of $283,500 to $282,500. Townhomes rebounded from $402,600 to $408,100. On the Saanich Peninsula, the HPI benchmark price for Single Family Detached homes was up to $527,900 in May from $519,100 in April. Peninsula Condominiums and Townhomes were $295,200 and $389,300 respectively.

Holmes Realty Ltd. 2481 Beacon Ave. Sidney, BC V8L 1X9 250-656-0911

HPI Benchmark Prices - May 2014 Greater Victoria Core Westshore Peninsula

Single Family $498,500 $568,500 $415,900 $527,900

Condominiums $282,800 $285,800 $245,900 $296,300

Townhomes $408,100 $442,900 $329,600 $389,300

WWW.HOLMESREALTY.COM

There were a total of fourteen sales of waterfront Single Family Dwellings sold in May. A total of 20 Single Family Dwellings sold over $1 million, of which 3 sold for over $2 million and one sold for over $4 million.


CAPITAL REGION SALES Comparison MONTHLMonthly Y SALESSales COMPARISON (2011-2014)

WHAT IS AN ABSORPTION RATE?

(2011-2014)

800

714

The rate at which available homes are sold in a specific market during a given time period.

Number of Sales

700

600

500

The rate shows how many months it will take to exhaust the supply of homes. An value over 6 is generally considered a Buyers market. Under 6 is generally a Sellers market.

400

300

200 2011

Jan 339

Feb 488

Mar 622

Apr 574

May 572

Jun 618

Jul 523

Aug 542

Sep 458

Oct 483

Nov 482

Dec 339

2012

372

497

570

586

659

637

523

462

419

373

366

283

2013

294

394

483

615

659

664

583

540

487

512

412

355

2014

342

412

575

664

714

MONTHLY ABSORPTION RATES (2011-2014) Absorption Rate (20112014) 11.2

11

11.5

10

10.6

9

8.5

8

9.1

10.4

9.8

9.9

9.4

9.0 9.3 7.9

9.6 8.7

7.9

8.0

March

7 6

10.5

11.9

February

Months of Inventory

12

10.0

9.9

9.5

9.3

8.9

9.29.4

9.2

8.8

9.0

9.7

9.5

9.6

9.4 8.8

8.4

8.3 7.8

7.5

7.7

7.5

7.4

7.1

5 4 3 December

November

October

2014

September

2013

August

2012

July

June

2011

May

April

January

2

Holmes Realty - Market Update - June 2014  
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