Victoria Real Estate Market Report
Overall: Market demand remained steady in July with 3.4 months of inventory compared to June. Sales volume was down 3.8% compared to last month but the supply ratio of listings vs. sales was steady. Sales were up 18% compared to July 2018. Average days on market for listings has crept up a little to 44 days (vs. 39) and sold listings also took a little longer with 29 days on market (vs. 27). This overall market snapshot does not truly reflect our market conditions: we are continuing to see an increase in demand and lack of supply of condos and a steady demand of detached homes under $1M. Demand for luxury condos and homes continues to falter and inventory is growing.
Single Family homes for sale
Detached: Sales volume is down 11% compared to last month and total demand has dropped to 4 months supply vs. 3.6 months in June and 2.9 months in May. The decrease in demand is happening mostly with homes priced over $1.5M where we are at an 18 month supply on the South Island. Homes priced between $1M and $1.5M are in a balanced market at 5 months supply, and has been fairly consistent all year. Homes priced under $1M are still in strong demand with 2.7 months supply, which is still a strong Sellers Market. By area, the core areas (Victoria, Oak Bay, Saanich, Esquimalt, View Royal) are seeing an overall drop in demand but is disproportionate because of the high listings volume of luxury homes. The demand for homes under $1M in the core is high with only 2.3 months supply (210 listings and 91 sales). Demand on the Peninsula remains strong with a 4.0 months supply of inventory. Westshore and Sooke also remain strong with 3.8 months supply and 3.5 months respectively.
Condos for sale
Condos: Sales volume is up 2% over last month and is up 18% over July 2018. Demand remains very strong with only 2.9 months supply overall; condos under $650k are at a 2.2 month supply (almost half the inventory sells every month!); condos priced $650k-$800k are in a balanced market with 6 months supply; over $800k we are continuing to see a drop in demand with 10 month supply vs. 7 months in June. By area, the core remains in very strong demand with only 2.7 months supply and a 2.0 month supply for condos under $650k. Westshore demand is also strong with only 2.9 months supply; the Peninsula and Sooke are in a balanced market with 4.9 months and 5.0 months supply respectively.
Townhomes and half Duplexes for sale
Townhomes and half duplexes: Demand has picked up again with an increase in sales volume of 12% over last month and, with a drop in listings, we are down to a 2.7 month supply. All areas on the South Island have a fairly consistent demand and range from a low of 1.8 months supply in Sooke to a high of 3.4 months on the Westshore.
Please note that the calculations and figures vary slightly to those of the Victoria Real Estate Board numbers as our analyst is focusing his research on the South Island and I exclude the Gulf Islands, the Malahat and areas north of the Malahat.