What we saw in the market last month is a very typical seasonal trend, so we expect a continuation of this into the fall. We are definitely seeing a rise in the inventory levels as we currently have a thousand more listings on the market than we did at the beginning of the year. That increase means more choices for buyers and more time to shop, although in certain parts of our local market a well-priced property can sell rapidly and we’re still
still seeing some multiple offer situations. The challenge right now is the missing middlefamilies who seek two or threebedroom homes at attainable price points-who are challenged by our current interest rate environment. The cost of carrying a mortgage has increased tremendously so this means that many first-time buyers and families are unable to purchase homes in our current market.
When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised! 2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM
MONTHLY MARKET UPDATE — SEPTEMBER 2023 UPDATE
Having said that, sales numbers are up 20% compared to September 2022 and down 9.4 % since August 2023.
When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised! 2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM
Monthly SalesComparison
GreaterVictoria - (2020-2023)
1400 1200 "' 1000 cu ... 800cu 600 400 200 Jan Feb Mar 411 563 608 646 863 1173 474 718 833 278 460 590
Apr May Jun Jul Aug 287 457 808 979 979 1116 1049 942 835 831 824 761 612 510 478 637 775 705 595 544 Sep Oct Nov Dec 989 990 795 631 761 745 653 438 410 480 384 320 493
6 5 > .s 4 C cu > C 1 0 1.4 ..... QJ :::::, C QJ -, -< 1.5 -n s:: l'1) QJ C" -, -, n C ::::r QJ -<
Victoria Area - 2020-2023 )> s:: ..... ..... C: C: "'O ll) :::::, -< �- -< l'1) �2020 2021 2022 ...2023 4.3 1.1 )> V, 0 z 0 l'1) C: "'O n 0 l'1) O'tl r+ < n C r+ 0 (1) l'1) V, l'1) C" 3 3 r+ 3 (I) -, C" C" (1) l'1) -, -, -,
Absorption Rate Greater
Absorption Rates- Single Family Detached September2023
7.00 6.00 5.00 0 C OJ > 4.00 C.,._ 0 "' � 3.00 C 0 � 2.00 1.00 0.00 1.69
6.00 ---------- 2-:4 2.20 2.45 2.33 1.60 1.60 1.32 1.18 0.11
