Market Update: Another Shift in our Local Market

Just as we all became accustom to the new ways of real estate, things are beginning to shift back to a more traditional way of buying and selling homes.

Since 2016, house prices have increased rapidly with most homes equity growing $100,000 in just a years time. In the past year we fully expected to be a part of 10+ offers on a home, cash unconditional offers, and sellers calling the shots.

What we are seeing more and more often in today's market is homes not selling on the scheduled date for offers, or homes receiving offers conditional on financing and home inspection. I even saw a home priced at $400,000 that had a conditional offer on the sale of the buyers property...I haven't seen that for in what feels like forever.

We knew the market had to balance eventually, and it has finally happened.

With an increase of homes on the market, average sale prices have leveled. (From April to May 2017 there was a 35% increase in the number of homes for sale)

What we have to remember as sellers and agents representing sellers, is that although the "hot" market for sellers may be over, and your house may not sell for as much this month as your neighbours did last month, you have to look at the bigger picture.

House prices have still risen 27% year over year, when for the past 5 years an average increase year over year was 5.25%.

June 2012 - $337,602

June 2013 - $329,634

June 2014 - $349,921

June 2015 - $362,162

June 2016 - $391,148

June 2017 - $496,329