GREATER VICTORIA THE RENNIE ADVANCE inventory
highlights • There were 2,176 active MLS listings last month—the highest of any month since September 2019. Compared to August, inventory increased substantially in September (by 14%) compared to the typical seasonal pattern (a 2% decrease). Total listings at the end of last month were 1.5% above the past-decade September average (of 2,144), and were 18% higher than one year ago. • On a month-over-month basis, inventory for all home types was higher: detached inventory was up by 11%, townhome inventory by 10%, and condo inventory by 21%. On a year-over-year basis, detached, townhome, and condo inventory were all higher by 18%, 8%, and 25%, respectively. • Overall market conditions moved into buyers’ territory in September, with 9.5 months of inventory (MOI). The detached and townhome markets favoured buyers, with MOIs of 10.5 and 9.4, respectively, while the condo market was balanced, with an MOI of 7.6. All home types saw an expansion of MOI in September versus August.
SEPTEMBER 2023
2,500
+ 18% vs Sep 2022
2,000
1,500
1,302 10 yr Sep Avg
1,283
1,000
DETACHED inventory
500
0
- 1% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
600
+ 8% vs Sep 2022
500
400
300
286 10 yr Sep Avg
283
200
TOWNHOME inventory
100
0
+ 10% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
1,000
+ 25.0% vs Sep 2022
800
600
610
555 10 yr Sep Avg
400
CONDO inventory
200
0
+ 10% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
Copyright © October 5, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 5, 2023. All data from the Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
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