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September 2022 Market Stats: A more balanced market

September 2022 Market Statistics:

Properties Sold: 410

Active Listings: 2,300

Benchmark Condominium: $617,400

Benchmark Single Family Home: $1,364,200

We are in a more balanced market. Buyers are now able to make conditional offers and move through a due diligence period – an important part of the home buying process!

That being said, we are still seeing multiple offer scenarios on properties priced effectively. October will be an interesting month as it is generally considered to be the “peak of the fall and winter market”.

Higher interest rates have impacted buyers purchasing power, and the number of homes on the market has tripled since January of this year—this has undoubtedly had an effect on prices, however, anyone looking to make a move in this market will appreciate less intense competition relative to this time last year.

Having someone experienced and knowledgeable on your side can make all the difference in negotiations.

I’m always happy to answer any questions you may have. Call or text: 250-634-2141⁣⁣⁣⁣⁣⁣, or email at [email protected].

Thank you for being here,

Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents

*Personal Real Estate Corporation

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