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MONTHLY MARKET UPDATE — MAY 2023 UPDATE
t seems that Spring has sprung into Summer very quickly…. The month of May marks the fourth consecutive month with sales higher than the month previous and marks the highest number of sales we have seen since April of last year. With momentum building, there's an indication of consumer optimism in the market heading into June. However, if the ongoing lack of homes for sale persists and inventory is not added,
we risk a return to an overheated market with pressure on pricing. The absorption rate dropped from 3.5 months of supply to 3.1months. a balanced market’s absorption rate is between 5 and 6. Another reason for the flurry of home sales was the threat of another interest rate hike. If you are looking to buy a home it is advisable to have all of your
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!