September 2023 has drawn to a close, and it's time to examine the state of the real estate market in Southern Vancouver Island. I'm Patricia Kiteke, your guide from the Kiteke Lifestyle Real Estate Group, and I'm excited to present the September market report. Let's dive into the numbers and what they mean for buyers and sellers in our region.
Strong Sales Performance
The Greater Victoria area saw a robust real estate performance last month, with a total of 493 net unconditional sales recorded, marking a significant increase of 17% compared to September of the previous year. The market was buzzing with activity, reflecting the ongoing demand for properties in this picturesque region.
Increased Listings
Another notable figure from last month is the number of new listings hitting the market. September saw a total of 1,297 new listings, which is an 11% increase from the same time last year. The boost in listings indicates that more properties are becoming available for prospective buyers.
Growing Inventory
The total number of properties for sale reached 2,699 homes, showing a 15% increase compared to last year. This surge in inventory is contributing to the upturn in sales, providing buyers with more choices.
Understanding Market Conditions
To make sense of these numbers and understand what they mean for the Southern Vancouver Island real estate market, it's essential to look at market conditions. The British Columbia Real Estate Association defines market conditions based on the sale-to-listing ratio:
Buyer's Market: When 14% or less of active listings are being sold, this exerts downward pressure on prices.
Seller's Market: When 20% or more of active listings are being sold, this exerts upward pressure on prices.
Balanced Market: If 14 to 20% of active listings are being sold, this exerts no significant pressure on prices.
Looking at the sale-to-listing ratio for this month, we find ourselves firmly in a balanced market with a ratio of approximately 18%. This balance is a welcome development for both buyers and sellers.
The Benefits of a Balanced Market
A balanced market offers numerous benefits, particularly for buyers. With more homes available, buyers have the luxury of time to consider their options, make informed decisions, and secure their financing before committing to a property. It's a market scenario that fosters a sense of control and stability.
However, sellers should note that being in a balanced market doesn't mean they can overlook the basics. Properties that stand out are still more likely to attract buyers. Presentation matters, so if you're looking to sell for top dollar, invest the effort to make your property shine and differentiate it from the competition.
What Lies Ahead
With inventory levels on the rise and consumer confidence holding steady, we are firmly in balanced market territory. However, the market landscape can shift in the coming months. If more buyers enter the market in the new year or existing inventory leaves the market during the holiday season, we may witness changes in market conditions.
I'll keep a close watch on these developments and provide you with updates next month. In the meantime, if you found this report helpful, please hit the like button and subscribe for more updates. See you in the next one as we continue to navigate the ever-evolving Southern Vancouver Island real estate market.
Real estate is a journey, and in every market, there are opportunities waiting to be discovered.
Stay informed, stay patient, and let your dreams find their perfect address.