MONTHLY MARKET UPDATE — SEPTEMBER 2021 EDITION
A
Monthly Sales Comparison Greater Victoria - (2018-2021)
1400
1200
Number of Sales
total of 831 properties sold in the greater Victoria Area this past August. This represents an almost 15% drop in sales numbers compared to the same period in 2020. Despite this overall drop in sales numbers, we are experiencing a slight surge in the condominium market here in Victoria. August saw an over 30% increase in condo sales compared to the same period last year. Additionally, we have seen a month to month increase of over 20% in condominium sales from July 2021. Sale of single family detached homes however are down almost 30% from August 2020.
1000
831 800
600
400
200
Lack of inventory remains the primary issue most buyers are presently facing. With
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
942
835
831
only 1,120 active listings available at the end of August 2021. This equates almost 57% fewer properties available at this same time one year ago. Despite these low numbers, our market remains extremely robust with 831 sales this past month.
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 4.3
4.1
4.0 4.0
3.9
3.1
3
1.5
4.3 4.1
4.2 4.0
3.6
3.7
1.4
1.3
1.3
1.3
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
Higher than average sales volume and very strong demand have supported strong benchmark pricing throughout the Greater Victoria Area. The luxury market has had a remarkable recovery as out-of-town buyers returned with the provincial travel restrictions having been lifted.
2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised!
The absorption rate for the highend luxury market dropped significantly over the past few months as demand has increased incredibly from 5.4 months of inventory over $3M in June of this year, to only 2.5 months in August. The highest priced sale during August 2021 was a luxury Cordova Bay 26 acre equestrian property for over six million dollars. The lowest priced non-strata, non-manufactured, freehold, property in Metchosin sold for $600,000, an 943 sq.ft. home.
August 2021
3
2.50 Months of Inventory
Absorption rates continue to remain incredibly low from a lack of inventory in all of our municipalities. On the Peninsula, the absorption rate was 1.65 months of inventory in North Saanich, 0.79 months of inventory in Sidney, and 1.35 months of inventory in Central Saanich.
Saanich Peninsula Absorption Rates by Price Range
2
0.97
0.84
1
0.59 NO SALES
PAST 3 0.00 MONTHS
0
Under $600K
0.18 $600K to $800K
0.15 $800K to $1M
$1M to $1.5M $1.5 to $2M
$2M to $3M
Over $3M
Absorption Rates - Single Family Detached August 2021
3.00
2.40
2.50
Months of Inventory
The benchmark price for a single family home climbed from $993,100 in July to $1,005,600 last month. Townhouses climbed from $701,500 to $717,100 last month. Finally, condominium benchmarks have jumped from $533,500 in July to $538,800 in August.
2.00
1.65 1.48
1.50
1.35
1.34
1.04 1.00
0.85
0.93
0.84
0.79 0.63
0.50
0.00
0.46
0.45
0.00
2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised!
Absorption Rate Greater Victoria Area - (2018-2021)
Months of Inventory
7
5.7
6
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
4.1
4.3 4.1
4.2 4.0
3.6
3.7
2.8
2.5
1.5 1.9
4.0
3.8 3.5
2.7
2
1.4
1.3
1.3
1.3
1.3
2.4 2.2
2.0
1.8
1.6
December
November
October
2021
September
2020
August
2019
July
June
2018
May
April
March
February
January
1
3.9
4.2
Monthly Sales Comparison Greater Victoria - (2018-2021) 1400
Number of Sales
1200
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
1049
942
835
831
Active Listings / Number of Sales Greater Victoria - (last 24 months) 3000
2500
2000
1500
1000
500
0
Active Listings
Number of Sales
Absorption Rates - Single Family Detached August 2021
3.00
2.40
Months of Inventory
2.50
2.00
1.65 1.48
1.50
1.35
1.34
1.04 1.00
0.85
0.93
0.84
0.79 0.63
0.50
0.00
0.46
0.45
0.00
Absorption Rates - Condominiums August 2021
3.00
2.80
Months of Inventory
2.50
2.00
1.80
1.77 1.50
1.25
1.21 1.00
0.87 0.66
0.50
0.00
0.74
0.64
0.64
0.54
Absorption Rates - Townhouses August 2021
2.00
1.76
1.80
Months of Inventory
1.60
1.40
1.20
1.13
1.00
0.79
0.80
0.71 0.60
0.60
0.43
0.40
0.40
0.21 0.20
0.00
0.67
0.00
0.00
0.00
Absorption Rates - Manufactured Homes August 2021
6.00
Months of Inventory
5.00
5.00
5.00
4.00
3.75
3.00
2.00
1.00
0.23 0.00
4.88
Absorption Rates - Saanich Peninsula August 2021 2
1.65
1.35 1.25 1
0.79
0.64
0
0.71
0.21
n/a
n/a
SINGLE FAMILY CONDOS
TOWNHOMES
North Saanich
Sidney
Central Saanich
Absorption Rates - Saanich Peninsula August 2021 5
5.00
4
3
2
1.65 1.35 1.25
1
0.79 0.64
0.71
n/a
0
SINGLE FAMILY
n/a
CONDOS
North Saanich
0.21 n/a
TOWNHOMES
Sidney
0.23
MANUFACTURED
Central Saanich