It's the time of year where the real estate market traditionally takes a bit of a breather...with all the activities over the next ten days, as well as lots of people heading out of town for the start of summer, we get a chance to catch up after the spring push.
It has been a great spring in the market for sales. We are really happy with the number of homes that are trading hands at the moment, as well as the prices. We are back to early 2016 benchmark sales prices in single family homes after continuous drops in 2015, and 2016.....and the apartment condo segment of the market is seeing some price relief as well. The past few months have been flat in pricing.
However, I'm really cautious on both fronts right now (single family and condos). We have seen a real surge in the number of homes for sale in the city over the past 30 days. We've seen listings jump almost 11% over last year at this time...which is something new. The market in single family homes has been quite tight for inventory this year, sparking a few moments of buying frenzy. Now, with over 6 months of inventory on the market, the pressure to make a snap decision should ease a little bit.
It looks like there are a lot of people that were waiting for prices to stabilize before putting their homes for sale. If this trend continues over the next few months, and inventory continues to climb, we could still be in for some further price reductions on single family homes.
The condo market is already flooded with inventory, but it would be a shame to see that worsen, especially after things seem to have stabilized price-wise in the past few months.
All in all from the street view, the market is good....incredibly better than it was last year. Long term things are going to be fine. We just need to be prepared for a few more bumpy months ahead.
If you are interested in chatting more, please don't hesitate to call. Also, we really value your support and thank you so much for all of the great referrals we continue to receive. If it wasn't for you, we couldn't be successful. Have a great and happy Stampede!
The full stats report is here if you are into numbers. Take a look.
Prices are starting to climb...but watch out for rising inventory