MARKET UPDATE

JANUARY

2016

Holmes Realty Ltd. 2481 Beacon Ave.

Sidney, BC V8L 1X9

250-656-0911

WWW.HOLMESREALTY.COM

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

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

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

200

300

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600

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800

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1000N

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Monthly Sales Comparison Greater Victoria - (2012-2015)

465

2015 ended with a splash here in the Greater Victoria Area. While our winter months always see a slower market compared to the summers, this past Decem-

ber still managed to end with a total of 465 sales. Our highest December numbers since 2004! Total annual MLS sales in 2015 ended at 8,295, up over 23% from last year. Over four billion dollars of property sold here in the Victoria area last year.

In addition to excellent sales numbers, our listing inventory ended with 2015 being down some 21% over the same time in 2014 with only 2,517 active listings on the market. These higer sales numbers over the last few months coupled with a dwin-dling inventory have pushed our monthly absorption rate even lower to 3.8 months of inventory. This has been evidenced by higher occurances of multiple offers and over asking price sales.

The benchmark price for a single family home in the Greater Victoria Area was $521,100 in December, up from $477,000 this same time last year. Condos and Townhouses are up as well compared to this time last year with benchmark prices of $305,000 and $419,100. On the peninsula, the December benchmark price for a single family home in each was $677,900 in North Saanich, $478,600 in Sid-ney, and $533,800 in Central Saanich. In the luxury segment, there were 19 sales in the $1M to $2M price range, 5 sales over $2M and the highest priced sale was just under $10M in Central Saanich!

CAPITAL REGION SALES

An absorption rate is the rate at which avail-able homes are in a specific 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

8.5 9.1

9.4 9.8 10.0

9.4 8.9 8.8

9.2 9.5 9.7 9.6

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

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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Decem

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ths

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Absorption Rate Greater Victoria Area - (2012-2015)

2012 2013 2014 2015

SINGLE FAMILY DETACHED

North Saanich Central Saanich SidneyListed Sold Listed Sold Listed Sold

$0 – $499K 3 0 2 2 6 2

$500K – $799K 7 11 8 7 6 8

$800K – $999K 3 4 7 0 2 0

$1000K – $1999K 14 1 6 2 0 0

$2000K + 9 0 8 1 3 0

CONDOS & TOWNHOMES

PENINSULA Listed Sold

$0 – $199K 9 4

$200K – $399K 36 8

$400K – $799K 27 7

$800K – $999K 3 1

$1000K + 0 0

MANUFACTURED

PENINSULA Listed Sold

$0 – $99K 1 1

$100K – $149K 4 1

$150K – $199K 2 0

$200K – $249K 0 0

$250K + 2 0

SFD WATERFRONT

PENINSULA Listed Sold

$0 – $999K 3 0

$1000K – $1499K 4 1

$1500K – $1999K 3 0

$2000K – $2999K 6 0

$3000K + 6 0

LOTS & LAND

PENINSULA Listed Sold

$0 – $299K 2 1

$300K – $499K 18 1

$500K – $699K 4 0

$700K – $999K 9 0

$1000K + 9 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) - December 2015

8.5 9.1

9.4 9.8 10.0

9.4 8.9 8.8

9.2 9.5 9.7 9.6

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

2

3

4

5

6

7

8

9

10

11

12

January

February

March

April

May

June

July

August

Septem

ber

October

Novem

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Decem

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onth

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Invento

ry

Absorption Rate Greater Victoria Area - (2012-2015)

2012 2013 2014 2015

0

1000

2000

3000

4000

5000

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

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

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

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Greater Victoria - (2012-2015)

0

1

1

2

2

3

3

4

2.25

n/a

2.50

n/a

1.10

3.40

2.96

1.67

1.98

3.13

3.00 3.08

Absorption Rates - Saanich Peninsula December 2015

North Saanich Sidney Central Saanich

1.12

0.29

1.20 1.00

1.88

0.92

1.68 1.98

2.25

1.10

3.93

1.40

2.15

3.57

6.24

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Month

s of

Invento

ry

Absorption Rates - Single Family Detached December 2015

2.43

4.00

1.80

4.62 4.40

2.24 2.40 3.13 3.40

14.71

2.22

0.00

5.00

10.00

15.00

20.00

25.00

Month

s of

Invento

ry

Absorption Rates - Condominiums December 2015

INF

1.79

3.75

0.00

4.33 4.62

0.97

2.29 3.00

2.50 2.96

4.38

1.94

17.14

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

Month

s of

Invento

ry

Absorption Rates - Townhouses December 2015

4.44

3.08

1.67

2.11

5.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

Month

s of

Invento

ry

Absorption Rates - Manufactured Homes December 2015