Holmes Realty July 2023 Market Update

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MONTHLY MARKET UPDATE — JULY 2023 UPDATE

t would appear that we are returning

to our seasonal norms. Traditionally, the summer months are slower than the shoulder months in the Spring and Fall. The July numbers reinforce the re-establishment of seasonal patterns with a slow-down in activity. The dip in activity doesn't come as surprise - it aligns with the familiar and expected seasonal patterns that have been observed in our market over the years."

The good news is that, despite a slowdown in sales, we did witness an increase in inventory coming to the

market. We have noticed an uptick in the number of people wanting to sell and who are getting ready for the fall market. The new listings are encouraging as they indicate a growing movement in our market and show that consumers are becoming more willing to take action and make a move. The additional inventory translates to more choices for buyers and alleviates some of the stress for sellers who are looking to make a property change. It means that they will be able to find a new home and

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!

not be caught short. Another positive aspect of a typical summer market is that due to people often taking vacations during this time of year there may be fewer active buyers so for a buyer this is a good time to look. We are continuing to see well-priced properties receive competing offers, and many buyers are wanting to make an offer subject to the sale of their home. Open houses continue to be well attended, showing that buyers are still looking and keen, but if they do not see the value or are uncertain of the price, they will wait to see what the activity level is before submitting an offer. In some cases, the buyer is waiting too long and then are finding themselves in a multiple offer situation.. If you are contemplating a summer move feel free to give us a call as we possesses up-to-the-minute information for Victoria and help you navigate the market effectively.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2022 was $1,366,100. The benchmark value for the same home in July 2023 decreased by 3.5 per cent to $1,318,800, which is up from June’s value of $1,310,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2022 was $600,000, while the benchmark value for the same condominium in July 2023 decreased by 3.7 per cent to $578,000, which is up from the June value of $573,800.

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!