MONTHLY MARKET UPDATE — SEPTEMBER 2022 EDITION
S
eptember heralds the start of the fall season, which traditionally brings a more active market than what we see in the summer months. October is generally the peak of the fall and winter market. So far this year’s sales have dropped month over month since May and we saw some of the lowest sales numbers for that month in decades. While the rate of decrease has slowed due in part to concerns about rising interest rates and inflation, this level of activity may not necessarily reflect the actual demand that exists in the marketplace. While overall activity is below historical norms, well-priced properties are still receiving plenty of attention. Multiple offers on these homes are still quite common, which may not be reflected in the overall statistics,
but is noticeable if you are actively buying and selling. There were 2,300 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2022, an increase of 7.6 per cent compared to the previous month of August and a 104.6 per cent increase from the 1,124 active listings for sale at the end of September 2021. The good news is that we have seen more inventory come to market, which when combined with slower sales activity, has resulted in more balanced market conditions. In the current environment, properties that are well-
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!