Analysis
November was a typical fall month when compared to years previious to 2020. There were new listings of single-family homes, some new sales posted, but a lot of expired listings. This is a common trend this time of year as many sellers choose to take their homes off the market for the holiday season. Not a bad idea as showing activity comes to a crawl and homeowners are busy entertaining and enjoying quality time with their loved ones. I typically recommend that homeowners reconvene after February 15th depending on their goals and timelines. The first 6 months of 2023 were busy and active but the second half of the year showed the affects of higher interest rates and sellers battling to get mortgage approvals. Trends show 2024 will start slow but gain momentum. Happy Holidays!
Benchmark Prices
Unit Sales
Inventory
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These statistics were provided by the Vancouver Island Real Estate Board.
