Spring is here and so is our spring market! Sales numbers con-tinued 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. Town-homes rebounded from $402,600 to $408,100.

On the Saanich Peninsula, the HPI benchmark price for Single Fam-ily 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.

There were a total of fourteen sales of waterfront Single Family Dwell-ings 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.

HPI Benchmark Prices - May 2014Single Family Condominiums Townhomes

Greater Victoria $498,500 $282,800 $408,100Core $568,500 $285,800 $442,900Westshore $415,900 $245,900 $329,600Peninsula $527,900 $296,300 $389,300

MARKET UPDATE

JUNE 2014

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

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6

7

8

9

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January

February

March

April

May

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August

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October

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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

200

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Sale

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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)

714