MARKET UPDATE JANUARY 2015 Holmes Realty Ltd. 2481 Beacon Ave. Sidney, BC V8L 1X9 250-656-0911 WWW.HOLMESREALTY.COM W ith over 10% of growth throughout last year, 2014 certainly demonstrated a great amount of consumer interest and confidence in our market. Low interest rates coupled with a balanced market and an ample supply of inventory ulti- mately led to over 11.67% more sales in 2014 compared to 2013. Additionally, Decem- ber ended on an up-note with 389 total sales in the Victoria region, an increase of 9.6% over December 2013. The benchmark Home Price Index value for a single family home in the Victoria during De- cember of 2013 was $479,500. December 2014 recorded a minor increase to $489,000. Similarly, the benchmark value for Condos has rose from $278,600 to $287,300 over a one year time-frame. Townhome prices also saw an increase from $392,500 to $401,500 over the same period. December in the Greater Victoria Area ended with a total of seven waterfront sales of MLS listed property. These sales occurred in Sidney, North Saanich, Sooke and Esquimalt. There were 14 properties sold between the one and two million dollar price points. Addi- tionally, a downtown Penthouse apartment sold for over three million! With our area-wide absorption rate dipping down below six months of inventory for the first time in over four years, we are well and truly experiencing a balanced market. We hope to see this trend continue into the new year. 7.1 7.9 8.0 8.7 9.0 10.4 9.9 9.5 9.9 9.4 8.8 8.3 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 2 3 4 5 6 7 8 9 10 11 12 January February March April May June July August September October November December Months of Inventory Absorption Rate Greater Victoria Area - (2011-2014) 2011 2012 2013 2014 A YEAR OF CONSUMER CONFIDENCE
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MARKET UPDATE
JANUARY
2015
Holmes Realty Ltd. 2481 Beacon Ave.
Sidney, BC V8L 1X9
250-656-0911
WWW.HOLMESREALTY.COM
With over 10% of growth throughout last year, 2014 certainly demonstrated a great amount of consumer interest and confidence in our market.
Low interest rates coupled with a balanced market and an ample supply of inventory ulti-mately led to over 11.67% more sales in 2014 compared to 2013. Additionally, Decem-ber ended on an up-note with 389 total sales in the Victoria region, an increase of 9.6% over December 2013.
The benchmark Home Price Index value for a single family home in the Victoria during De-cember of 2013 was $479,500. December 2014 recorded a minor increase to $489,000. Similarly, the benchmark value for Condos has rose from $278,600 to $287,300 over a one year time-frame. Townhome prices also saw an increase from $392,500 to $401,500 over the same period.
December in the Greater Victoria Area ended with a total of seven waterfront sales of MLS listed property. These sales occurred in Sidney, North Saanich, Sooke and Esquimalt. There were 14 properties sold between the one and two million dollar price points. Addi-tionally, a downtown Penthouse apartment sold for over three million!
With our area-wide absorption rate dipping down below six months of inventory for the first time in over four years, we are well and truly experiencing a balanced market. We hope to see this trend continue into the new year.
Monthly Sales ComparisonGreater Victoria - (2011-2014)
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 6 are generally a Sellers market.
Active Listings / Number of SalesGreater Victoria - (last 24 months)
Active Listings Number of Sales
SINGLE FAMILY DETACHED
North Saanich Central Saanich SidneyListed Sold Listed Sold Listed Sold
$0 – $499K 5 1 2 4 6 5
$500K – $799K 24 5 16 6 6 1
$800K – $999K 6 1 6 1 2 0
$1000K – $1999K 19 1 9 0 2 1
$2000K + 11 0 7 0 0 0
CONDOS & TOWNHOMES
PENINSULA Listed Sold
$0 – $199K 6 0
$200K – $399K 31 10
$400K – $799K 17 10
$800K – $999K 1 2
$1000K + 1 0
MANUFACTURED
PENINSULA Listed Sold
$0 – $99K 1 0
$100K – $149K 4 2
$150K – $199K 7 0
$200K – $249K 0 1
$250K + 1 0
SFD WATERFRONT
PENINSULA Listed Sold
$0 – $999K 5 1
$1000K – $1499K 6 1
$1500K – $1999K 5 0
$2000K – $2999K 2 0
$3000K + 12 0
LOTS & LAND
PENINSULA Listed Sold
$0 – $299K 7 0
$300K – $499K 16 0
$500K – $699K 4 1
$700K – $999K 6 0
$1000K + 12 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.