MARKET SNAPSHOT
Since the beginning of 2022, there have been 10 interest rate increases, but only 3 in 2023! Prices adjusted, sales dropped, and there are less buyers.
INVENTORY, SALES AND PRICES
Inventory is up 20% to 40%. Sales are down 9%- 14% vs 2022. In terms of YTD Detached prices, we are down 1% to 7%, Townhouses are down 0.1% to 7% & Condos are down 6% to 12%
TIMING IS KEY
Being on the fence is ok as long as you are on top of the market, trends & inventory with your Realtor.
GOOD NEWS FOR HOMEOWNERS
If you have lived in your home since 2020, values are up 6% to 10%. As long as we are up around 5% to 7%, that is fair and realistic.
YOUR REALTOR IS YOUR QUARTERBACK
Homes are selling from 4% to 5% below asking as long as you have a solid Realtor who knows their market. Don’t settle when choosing your Realtor. A proven team can also elevate your experience.
2024 FORECAST
Rates will come down. Inventory will remain moderate to high. Buyers will come back slowly. Home prices will not drop anymore after Q1 & possibly end the year with a 2% to 4% increase.