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Today we are excited to give you an update on the current state of the North Delta real estate market, and let you know about all the trends we are noticing right now and what we anticipate to happen in the near future.
Currently, we are very much in a seller’s market. We saw 783 homes sell in 2015, a 33% increase from the previous year. We also saw the average price go up quite a bit, it rose 15% to $679,000. There are even some pockets that saw increases in home prices by 20-25%.
As of today, the inventory in the Delta remains low. There are currently 103 homes on the market, with 51 of those being single-family homes. Usually, that number is twice as high. Demand for these homes is sky-high, and we are continuing to see multiple offers on homes that are priced well and prepared correctly.
We have an oversupply of buyers right now. Combine this with low inventory, historically low interest rates, and an increased number of buyers entering the market in 2016, it’s shaping up to be a huge year for sellers, and we expect this type of market to continue.
In fact, interest rates may even continue to decrease further. At the same time, any increase in the rate would be detrimental to many provinces that are heavily reliant on oil and gas like Saskatchewan and Alberta.
If you’re a buyer, you’re going to need to be prepared to engage in competitive, multiple-offer situations. Whoever you are working with as an agent should be someone who can help you prepare and win the negotiation. It has to be a well-crafted offer. This is critical, I can’t overstate that enough.
If you’re a seller, you are in the driver’s seat. You have a lot of power right now in the market, and there has never been a better time to sell. A softening in the market is coming, but we don’t know when. Acting sooner rather than later will help you avoid this.
If you have any questions for us at all about the market, feel free to give us a call or send us an email. We can’t wait to hear from you!
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