Through the month of June, the Greater Victoria Area has contin-ued to see a balanced market catering to both buyers and sellers

alike. June 2014 ended with a total of 680 MLS listings being sold in greater Victoria. This number is up from 664 sales this same time last year, an overall increase of 2.4%. June sales are down slightly from May; however, this follows a seasonal historical trend of June/July being when sales numbers start to taper off.

Our absorption rate in the Greater Victoria Area is down to 8.3 months of inventory. This is great news and further evidence of more balance returning to the market. There were 4,695 active listings in June; compared to 4,672 in May and 4,833 last June.

The Home Price Index (HPI) benchmark price for Single Family Detached (SFD) homes in Victoria was $498,200 in June, compared to $498,500 in May. Our overall HPI year-to-year is higher from an HPI benchmark price of $492,900 this time last year. The Condo-minium market trended upward this month past from a benchmark of $282,800 to $285,900. Townhomes are down very slightly from $408,100 in May to $406,100 in June.

The HPI benchmark price for Single Family Detached on the Saanich Peninsula was up to $525,200 in June, down slightly from $527,900 in May. This time last year, the SFD HPI on the peninsula was $514,900, a healthy increase year-to-year. Peninsula Condominiums and Townhomes were $302,600 and $386,700 respectively.

In June, there were a total of 28 sales of waterfront Single Family Dwellings in the Greater Victoria Area. A total of 23 Single Fam-ily Dwellings sold over $1 million including one sale of $5,600,000 right here on the Peninsula!

HPI Benchmark Prices - July 2014Single Family Condominiums Townhomes

Greater Victoria $498,200 $285,900 $406,100Core $566,200 $288,200 $439,600Westshore $414,600 $240,400 $330,900Peninsula $525,200 $302,600 $386,700

MARKET UPDATE

JULY2014

Holmes Realty Ltd.2481 Beacon Ave.

Sidney, BCV8L 1X9

250-656-0911WWW.HOLMESREALTY.COM

CAPITAL REGION SALES

7.1

7.9 8.0

8.79.0

10.4

9.99.5

9.9

9.4

8.8

8.3

8.5

9.19.4

9.8

10.0

9.48.9

8.89.2

9.59.7 9.6

10.6

11.511.9

11.2

10.5

9.3

8.4

7.87.7 7.5 7.5 7.4

7.99.0 9.3

9.69.2

8.3

2

3

4

5

6

7

8

9

10

11

12

January

February

March

April

May

June

July

August

September

October

Novem

ber

Decem

ber

Month

s of

Invento

ry

Absorption Rate (2011- 2014)

2011 2012 2013 2014

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2011 339 488 622 574 572 618 523 542 458 483 482 339

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 342 412 575 664 714 680

200

300

400

500

600

700

800

Num

ber

of

Sale

s

Monthly Sales Comparison (2011-2014)

WHAT IS AN ABSORPTION RATE?

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

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

MONTHLY SALES COMPARISON (2011-2014)

MONTHLY ABSORPTION RATES (2011-2014)

680

PENINSULAINVENTORY VS SALES

(By Price Range) - June 2014

SINGLE FAMILY DETACHEDNorth Saanich Central Saanich Sidney

Listed Sold Listed Sold Listed Sold

$0 – $499K 8 2 8 3 17 9

$500K – $799K 54 7 45 6 17 2

$800K – $999K 21 2 11 2 1 0

$1000 – $1999K 21 0 20 4 6 0

$2000K+ 10 1 5 0 0 0

CONDOS & TOWNHOMESPENINSULA Listed Sold

$0 – $199K 6 3

$200K – $399K 64 11

$400K – $799K 42 7

$800 – $999K 1 1

$1M+ 5 0

LOTS & LANDPENINSULA Listed Sold

$0 – $299K 9 0

$300K – $499K 23 0

$500K – $699K 10 0

$700 – $999K 4 0

$1M+ 7 0

MANUFACTUREDPENINSULA Listed Sold

$0 – $99K 6 1

$100K – $149K 5 2

$150K – $199K 7 2

$200K+ 3 1

SFD WATERFRONTPENINSULA Listed Sold

$0 – $999K 7 3

$1M – $1999K 16 0

$2M – $2999K 4 0

$3M+ 8 1

“Listed” refers to the number of listings presently on the market at the end of the month indicated.“Sold” refers to any properties with unconditional offers in the month indicated.