In North Delta, we’ve shifted from a balanced market to a buyer’s market. Toward the end of the year, we should expect to see our home prices level out.
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What’s been happening in the North Delta real estate market lately? Today I have some graphs to show you in the video above that paint an interesting picture as we head into the holiday season.September really was a defining month for the market as a whole because it was the month that we could finally identify that we’ve shifted from a seller's market to a buyer’s market.
Going all the way back to June, our amount of inventory has been steadily increasing while our number of sales has been steadily decreasing. In October, those two trends more or less continued. The amount of inventory did slightly decline, though, so that will improve the sales-to-active-listings ratio. November and December should be quieter months with the holidays fast approaching.
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Expect our prices to level out heading into November and December.
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Year over year, it’s been a tale of two different markets since October 2015. Since that time, our sales have decreased 48% while our inventory has increased 105%. Our sales-to-active-listings ratio dropped from 68% in April to 13% in September. In October, this ratio stayed level at around 14%. Since anything between 15% to 20% is considered a balanced market, these statistics reinforce the notion that we’ve firmly shifted into a buyer’s market.
Our benchmark price has declined from $905,700 in June to $835,400 in October. This marked a 4.6% decline from September and a 7.8% decrease since the peak of the market. However, we’re still seeing that value up by about 26.9% year over year.
What does all of this mean for you as a homeowner? Aside from the news that the market is favoring buyers, what’s going to be really interesting to watch for is where and when the benchmark value levels outs. I think we’ve already seen this leveling out because, if you look at the marketplace, we haven’t seen the same substantial price reductions in recent weeks that we’ve seen throughout the year. These price drops were the primary force behind the 4.6% drop from September to October, and they haven’t been occurring at the same frequency.
If you have any questions about your home or the marketplace in general, please feel free to reach out to me by phone or email. I look forward to talking with you!
