What a difference a year makes!
Mix 2 Government interventions, a few rate increases, shake together to create low consumer confidence in the market… and voila… you have our January Statistics!
Sales are down almost 12% compared to the 10yr average, Listing inventory is up, and prices are… pretty much the same as last year for detached and 6.9% higher for condominium sales in the RAHB districts. The most significant change is that the average length of time to sell a home has increased to the 40+/- day range.
So what do I make of this market?
It is balanced. There is more choice for the consumer. True value has been retained. People are still buying and selling. Pretty positive isn’t it!
It can’t all be positive, so here’s the doom and gloom section…
If the trends continue, then over the next few years we will see a reversal of the market we’ve been experiencing for almost 10yrs. Over supply, price corrections, Sellers competing for Buyers, and record numbers of Realtors leaving the business instead of entering it – well, that may not be a bad part.
The reality is that this is a great market trending towards an average market. In this climate, you need to be working with a skilled and experienced Realtor who can interpret the current market, and help you make an informed decision about your immediate and long term real estate goals.
Hurry up and CALL ME! 289.259.1005