What's happening in and around Victoria

Overall housing demand on the South Island remained at 1.7 months supply but with 20% less residential sales and 20% less inventory. November sales volume was approx. double that of November 2019 and that of November 2018. Average sales prices remained at 111% of the assessed value.

 

Detached home demand dropped only slightly from 1.4 months to 1.5 months of supply, with a 20% drop in sales and 16% drop in listings. Sales prices averaged 117% of assessed value which is up from 114% last month.

Sales volume in Saanich East and in Sooke did not change, all other areas were down. The 1 week trend ending November indicates that the market is not slowing down just yet. By price, under $2.5M remains very strong overall with less interest over $2.5M. Oak Bay is at only 1.4 months of supply up to $3.2M but the demand drops quickly beyond $3.2M. The Core was strong up to $3.2M. Westshore remains strong up to $1.5M. Peninsula was very strong up to $4M and even homes priced over $4M are in a balanced market with 6 months of supply.

 

Sales volume dropped 9% but with inventory down by 18%, our supply dropped to only 2.1 months of inventory vs. 2.3 in October. Sales volume was 2.5 times higher than November 2018 and almost double from last November. Sales price averaged 107% of assessment vs. 106% in October. One week trend ending November does not show a slow down yet. Most areas had sales volume drop by the average of 9% except Westshore sales, which dropped by 20%. By price, condo demand on the South Island increased on units priced up to $650k compared to October and dropped significantly above $650k. The Core was very strong up to $650k, Westshore up to $500k, and Peninsula up to $500k.

 

Demand remains unchanged with only a 1.3 month supply but sales volume and inventory both dropped by 23%. Sales prices averaged 111% of the assessed value compared to 115% in October. Victoria and Vic West had the biggest drop in demand with only 10 sales vs. 33 in October leaving us with a 4.4 month supply. Most other areas saw sales volume drop by the average 23%. By price, demand remains very high on townhomes priced under $1M and drops to a balance market of 5 months supply beyond $1M.

 

Since overall volume was down, some of you may not be as busy; but with demand staying high, if you are out there shopping, the urgency and frenzy in the market has not changed.