MAY NEWSLETTER
As the spring season blooms, we really start to see the real estate market warm up.
May is a great time to get into the market, and we are confident that we can find the perfect home for you. With interest rates stable and more inventory becoming available, now is the perfect time to start your search. Whether you are a first-time homebuyer or looking to upgrade to a larger home, there are plenty of options available to suit your needs and budget.
It’s also a great time to consider downsizing. It feels great to declutter and clear space in Spring so if you are considering downsizing and accessing some home equity, now is a great time to start that process.
As your trusted REALTORS®, we are committed to helping you navigate the buying and selling process with ease. We have access to the latest market trends and data, and we are always available to answer any questions or concerns you may have. Our goal is to ensure that your real estate experience is as seamless and stress-free as possible.
Thank you for your continued trust and support. We look forward to working with you in the coming months and helping you achieve your real estate goals.
Stay well,
ally and dennis
Not enough growth in inventory numbers means spring market sales slow
May 1, 2023 A total of 637 properties sold in the Victoria Real Estate Board region this April, 22.7 per cent fewer than the 824 properties sold in April 2022 but an 8 per cent increase from March 2023. Sales of condominiums were down 21.8 per cent from April 2022 with 205 units sold. Sales of single family homes decreased 19.4 per cent from April 2022 with 325 sold.
“Sales numbers for this April are more moderate than the higher levels we’ve seen in recent years,” said Victoria Real Estate Board Chair Graden Sol. “We are in a familiar market pattern, where the majority of sales for the year occur in the spring. While we’ve seen an increase in sales over the previous month, we’re not expecting a return to record setting activity. Our inventory levels continue to be very low and new properties are slow to come onto market. More inventory is needed to balance the supply against spring demand. The good news is that prices have stabilized for now. If listings do not pick up over this season, there is a risk that the price stabilization could turn and we could see prices increase.”
See the full report HERE.
Nothing nicer than a well kept beautiful garden – follow the gardening tips below so your garden can be spring ready!
- Plant Summer Annuals: May is a great time to plant your summer annuals, such as marigolds, petunias, and impatiens. These plants thrive in the warmer weather and add a burst of color to your garden.
- Prune Spring-Blooming Shrubs: If you have any spring-blooming shrubs in your garden, such as azaleas or rhododendrons, now is the time to prune them. This will encourage new growth and ensure that they bloom again next year.
- Fertilize Your Lawn: May is a great time to fertilize your lawn, as it will help promote healthy growth and lush green grass. Be sure to use a fertilizer specifically formulated for lawns and follow the instructions carefully.
- Keep Your Garden Watered: As the weather starts to warm up, it’s important to keep your garden well-watered. Make sure to water deeply and less frequently, rather than shallowly and frequently, as this will encourage deeper root growth.
- Start Your Vegetable Garden: May is the perfect time to start your vegetable garden on Vancouver Island. You can plant a variety of vegetables, such as tomatoes, peppers, and cucumbers. Make sure to choose a sunny spot and prepare the soil by adding compost or other organic matter.
