Real Estate Market Update for October 2023
Fall has arrived, and the local real estate market in Victoria is evolving differently than anticipated. Despite significant increases in interest rates, our market has shown remarkable resilience. Home prices have remained relatively stable in the Victoria real estate board area. In fact, prices are up by 0.5% compared to last year and have decreased only slightly by 0.8% from last month. However, they are down about 8% from their peak.
Listings have been on the rise, and right now we have almost 1000 more, than at the start of the year, signalling a shift towards a more balanced market in recent months. This is great news for buyers, as there are many more properties to choose from, which is a welcome change from the past few years. While we are still seeing some instances of multiple offers, they are becoming less common. Properties that are priced well continue to move quickly, but on average, homes are staying on the market longer, reflecting the more balanced conditions.
For buyers, particularly those needing to make offers contingent on the sale of their current home, chances of success are higher now. This shift gives buyers more leverage than they've had in years.
Sellers, on the other hand, should expect their properties to stay on the market for a longer period. With an increased number of listings compared to the beginning of the year, sellers face more competition.
A property must stand out, so ensuring your home is presented in the best possible way is vital in any market but is particularly important now due to the significant increase in active listings. As a seller, you’re competing with a greater number of listings, so highlighting your property’s best features is key. Additionally, partnering with a realtor who can develop an effective listing and marketing strategy is essential for success in the current market.
Consider contacting Ainsley Gower a local Victoria Realtor for all your real estate needs.