๐Ÿค“Real Estate has seasons! Itโ€™s important to keep the bigger picture in mind when looking at month to month stats.

Hereโ€™s what you need to know :

โ€ขMLS Home Price Index benchmark value:

๐™Ž๐™ž๐™ฃ๐™œ๐™ก๐™š ๐™๐™–๐™ข๐™ž๐™ก๐™ฎ ๐™ƒ๐™ค๐™ข๐™š ๐™ž๐™ฃ ๐™ฉ๐™๐™š ๐™‘๐™ž๐™˜๐™ฉ๐™ค๐™ง๐™ž๐™– ๐˜พ๐™ค๐™ง๐™š:
๐™Š๐™˜๐™ฉ๐™ค๐™—๐™š๐™ง 2021 ๐™ฌ๐™–๐™จ $1,216,900 ๐™จ๐™–๐™ข๐™š ๐™๐™ค๐™ข๐™š ๐™ž๐™ฃ
๐™Š๐™˜๐™ฉ๐™ค๐™—๐™š๐™ง 2022 ๐™ž๐™ฃ๐™˜๐™ง๐™š๐™–๐™จ๐™š๐™™ ๐™—๐™ฎ 10.2% ๐™ฉ๐™ค $1,364,200

๐˜พ๐™ค๐™ฃ๐™™๐™ค๐™ข๐™ž๐™ฃ๐™ž๐™ช๐™ข ๐™ž๐™ฃ ๐™ฉ๐™๐™š ๐™‘๐™ž๐™˜๐™ฉ๐™ค๐™ง๐™ž๐™– ๐˜พ๐™ค๐™ง๐™š ๐™ž๐™ฃ ๐™Š๐™˜๐™ฉ๐™ค๐™—๐™š๐™ง 2021 ๐™ฌ๐™–๐™จ $524,500 ๐™จ๐™–๐™ข๐™š ๐™˜๐™ค๐™ฃ๐™™๐™ค ๐™ž๐™ฃ ๐™Š๐™˜๐™ฉ๐™ค๐™—๐™š๐™ง 2022 ๐™ž๐™ฃ๐™˜๐™ง๐™š๐™–๐™จ๐™š๐™™ ๐™—๐™ฎ 14.9% ๐™ฉ๐™ค $602,700

โ€ขslight uptick in sales and inventory

โ€ขinventory remains stable

From our President Karen Dinnie-Smyth

โ€œInventory has remained stable this month and for the first time since May 2022, we see a slight increase in the month over month sales,โ€ says Victoria Real Estate Board President Karen Dinnie-Smyth. โ€œWe noted last month that the number of sales for September did not necessarily reflect the on-the-ground activity in the marketplace. October sales have shown what the industry has been experiencing, an increase in activity, more sales and well-priced homes receiving plenty of attention โ€“ some receiving multiple offers. If you are considering selling a property, the continually evolving market conditions this month reinforce the need for up-to-date analysis of how to price your home during this type of market. With many micro-markets within the Greater Victoria area conversations with your local REALTORยฎ on how the housing market is performing in your specific area will be crucial to your success.โ€

Lisa Davies | REALTORยฎ
Founder, West Coast BC Living
ReMax Camosun-Westshore
๐Ÿ“งLisa@westcoastbcliving.ca
๐Ÿš250-883-2220
westcoastbcliving.ca

โ€˜Your dreams, my missionโ€™

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