March 2023 Mid-Vancouver Island Update in 60 Seconds

Here are the mid-Vancouver Island market stats for March 2023 given to you in 60 seconds or less! LET'S DO THIS!!! 

March certainly brought the beginning of what is appearing to be a very busy spring and summer here on mid-Vancouver Island! 

Compared to last year we are still seeing price decreases and days on market increases. However, we have been very stable since Fall of 2022 ion both categories. What we are seeing now is a decrease in listing from the same time period last year which is not helping with our inventory supply. 

As it currently stands, we are still low on inventory when looking at the 10 year average. With the spring market picking up, we are seeing this play out with increase competition for the available listings. 

Anecdotally, I have had quite a few clients approach me with a list of properties they are hoping to view during that week. Inevitably, half of those already have an active conditional offer and by the time we get to the day we are heading our for the tour, the other half has decrease to 2 or 3 still fully available. Not a good situation for buyers out there. 

As I don't expect a magical increase to our listings to happen or for the demand to live here on mid-Vancouver Island to decrease, I have to think this will be the case moving through the rest of 2023. 

If you have any questions about the market here on mid-Vancouver Island, don't hesitate to reach out. I'm always happy to help!