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MONTHLY MARKET UPDATE — SEPTEMBER 2023 UPDATE
hat 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.
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!