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MONTHLY MARKET UPDATE — NOVEMBER 2023 UPDATE
n November 2023 the real estate landscape in Victoria experienced a slight dip in benchmark values compared to the previous month, with condominiums averaging at $577,400, down from October's $585,600, and single-family homes at $1,286,400, a decrease from October's $1,305,900. Despite this, there were positive indicators as 2,644 active listings were available for sale on the Victoria Real Estate Board by the end of November, marking a 4.1% decline from October. Reflecting on the current interest rate climate, sales figures remain below long-term averages, yet the seasonal patterns within these figures align with typical trends for this time of year. Notably, there has been a commendable twenty-five per cent rise in the number of listings compared to the previous year, indicating a recovery from the prolonged period of limited inventory. This equilibrium in the market is providing prospective buyers with an increased array of options,
2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM 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!