MARKET UPDATE

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

2013 294 394 483 615 659 664 583 540 487 512 412 355

2014 342 412 575 664 714 680 681 609 565 602 465 389

2015 351 542 734 840 905 910 796 741 704 734 573 465

2016 539 772 1121

200

300

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800

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1000

1100

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Num

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of

Sale

s

Monthly Sales Comparison Greater Victoria - (2013-2016)

1,121

It’s of� cial, this past month was the hottest market ever recorded here in the Greater Victoria Area! Our of� ce statistics go back to 1990, and only

twice in April and May of 1991 have monthly sales ever surpassed the thousand mark. We ended the month of March with a total of 1,121 sales on our MLS system!

Fueling this seller’s market is a continuing shortage of inventory. March closed with a total of only 2,618 active listings. Compare this to March in-ventory levels being well into the 4,000s during the majority of the last � ve years, this is putting trememdous pressure on both buyers and pricing here in the capital. We are � nding that homes are typically selling close to list or above in a short period of time. Multiple offer situations are common in Victoria; however, we are seeing and increasing number of multiple offers in Saanich and on the peninsula.

The benchmark price for a single family home in the Greater Victoria Area was $552,800 in March, up from $492,500 this same time last year. Condos and Townhouses are up as well compared to this time last year with benchmark prices of $322,600 and $432,400.

On the Saanich Peninsula, the March benchmark price for a single family home in each municipality was $719,200 in North Saanich, $500,800 in Sidney, and $580,000 in Central Saanich.

Victoria benchmark prices have also increased; single family homes in March were $773,700 in Cadboro Bay, $787,200 in Cordova Bay, $790,100 in Sunnymead, $682,700 in Mt. Doug, $730,800 in Gordon Head, $777,000 in Arbutus, $1.1M in Ten Mile Point, and $924,000 in Oak Bay.

Our luxury market is also heating up. There were a total of 79 sales over $1M. Of those, 11 were be-tween $2-3M, one at $3.1M and � nally, the highest priced sale for March $6.1M in Oak Bay. Additionally, 22 waterfront properties sold in March.

It’s an amazing time to be selling property here in Victoria!

APRIL

2016

Holmes Realty Ltd.2481 Beacon Ave.

Sidney, BCV8L 1X9

250-656-0911

WWW.HOLMESREALTY.COM

CAPITAL REGION SALES

An absorption rate is the rate at which avail-able homes are in a speci� c market area during a given period of time.

This is calculated by dividing the average number of sales into the number of homes currently on the market.

The rate shows how many months it will take to exhaust the supply of homes. A value be-tween 5 and 6 months is considered to indi-cate a healthy, balanced market. A value over 6 is considered a Buyers market, and values under 5 are generally a Sellers market.

HOW TO INTERPRET ABSORPTION RATES

10.6

11.5 11.9

11.2 10.5

9.3

8.4

7.8 7.7 7.5 7.5 7.4

7.9

9.0 9.3

9.6

9.2

8.3

7.4

6.6 6.5 6.1 6.0

5.8

6.6

7.2 7.3 7.1

6.4

5.6

5.0 4.5 4.3 4.0 4.0

3.8 3.9 4.1

3.7

2

3

4

5

6

7

8

9

10

11

12

January

February

March

April

May

June

July

August

September

October

Novem

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Absorption Rate Greater Victoria Area - (2013-2016)

2013 2014 2015 2016

SINGLE FAMILY DETACHED

North Saanich Central Saanich SidneyListed Sold Listed Sold Listed Sold

$0 – $499K 1 1 5 1 2 5

$500K – $799K 15 13 11 20 9 7

$800K – $999K 3 7 5 1 0 1

$1000K – $1999K 14 7 10 1 1 1

$2000K + 13 0 12 1 1 0

CONDOS & TOWNHOMES

PENINSULA Listed Sold

$0 – $199K 4 1

$200K – $399K 39 29

$400K – $799K 8 12

$800K – $999K 0 1

$1000K + 2 0

MANUFACTURED

PENINSULA Listed Sold

$0 – $99K 2 0

$100K – $149K 3 0

$150K – $199K 2 1

$200K – $249K 2 4

$250K + 0 0

SFD WATERFRONT

PENINSULA Listed Sold

$0 – $999K 0 1

$1000K – $1499K 4 1

$1500K – $1999K 2 4

$2000K – $2999K 6 1

$3000K + 9 0

LOTS & LAND

PENINSULA Listed Sold

$0 – $299K 2 1

$300K – $499K 14 3

$500K – $699K 1 1

$700K – $999K 7 0

$1000K + 8 0

“Listed” : The number of MLS listings presently on the market at the end of the month indicated.“Sold” : The number of MLS listings with unconditional offers in the month indicated.

PENINSULAINVENTORY VS SALES(By Price Range) - March 2016

10.6

11.5 11.9

11.2 10.5

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7.8 7.7 7.5 7.5 7.4

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9.0 9.3

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6.6 6.5 6.1 6.0

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7.2 7.3 7.1

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3.8 3.9 4.1

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January

February

March

April

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June

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Absorption Rate Greater Victoria Area - (2013-2016)

2013 2014 2015 2016

0

1000

2000

3000

4000

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Active Listings / Number of Sales Greater Victoria - (last 24 months)

Active Listings Number of Sales

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

2013 294 394 483 615 659 664 583 540 487 512 412 355

2014 342 412 575 664 714 680 681 609 565 602 465 389

2015 351 542 734 840 905 910 796 741 704 734 573 465

2016 539 772 1121

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Num

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s Monthly Sales Comparison

Greater Victoria - (2013-2016)

0

1

2

3

4

5

6

7

3.37

n/a

1.20

n/a

0.92

2.40

1.37

0.00

2.46

6.43

0.80

2.84

Absorption Rates - Saanich Peninsula March 2016

North Saanich Sidney Central Saanich

1.33

0.32

1.87

1.22 1.03

1.20 1.54

2.46

3.37

0.92

6.95

2.06

2.83

7.00

6.55

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

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ry

Absorption Rates - Single Family Detached March 2016

1.80 1.43 1.11

6.32

3.39 2.81 2.90

6.43

2.40

10.08

4.45

0.00

5.00

10.00

15.00

20.00

25.00

Month

s of

Invento

ry

Absorption Rates - Condominiums March 2016

INF

1.83 1.20 1.00

0.50

3.10

0.76 0.71 0.80 1.20 1.37

3.33 3.30

22.29

0.00

5.00

10.00

15.00

20.00

25.00

Month

s of

Invento

ry

Absorption Rates - Townhouses March 2016

10.67

2.84

0.00

1.44

3.86

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Month

s of

Invento

ry

Absorption Rates - Manufactured Homes March 2016