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Sooke Real Estate Update – Fall 2015

One of the many properties that sold in Sooke this summer

One of the many properties that sold in Sooke this summer

Sales up, listings down. Prices…?

It has been a busy spring and summer market for real estate in Sooke and all over the greater Victoria region. In the overall Victoria Real Estate Board trading area, sales as of August 31 showed a 21.7% increase in number of sales for August 2015 over August 2014, and the highest number of single family sales in August since 2007. At the end of the month, there were 3688 active listings on the MLS® system, representing nearly 15% fewer than were available in August last year. All of this is pushing the overall market into sellers’ territory fairly strongly. Prices in Victoria overall are on the rise, with the benchmark home up nearly 7% over the same home last year.

So how is Sooke looking this year?

With four months of sales left in 2015, we’ve just tied the number of sales of single family homes for last year (231). In August, there were 32 single family homes sold, compared to just 21 last year, and as few as 10 in 2012. On the supply side, there are significantly fewer listings than last year. At the end of August, there were 202 single family homes available on the market in Sooke, compared to 279 last year. As of this writing (September 15), there are only 161 single family homes on the market currently.

With this sort of tightening of supply and increasing demand (sales), basic economics would tell us that prices should also be rising. For the most part, this has yet to bear itself out in the data. Over the past 12 months, the benchmark home price in Sooke has increased 0.85% – no noticeable difference. The best performing areas are Sunriver (2.23%) and Broomhill (1.37%), which isn’t terribly surprising as they are two of the largest and/or most popular neighbourhoods in Sooke.

Speaking of Sunriver – I was quite surprised to be searching for homes there for a client yesterday, and I discovered there were exactly 6 (six!) homes for sale in the entire neighbourhood! Considering there are approximately 450 homes up there, this is a tremendously low number of available homes – we’d have to go all the way back to the slowest month of the year (January) in 2010 to match that. If you have been thinking about selling in Sunriver, there hasn’t been a better time in years.

Charts and Data:

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