North Delta Market Update: November 2016

Today I've got a market update for November that I'm excited to bring you. We're finally seeing a return to a stable, healthy market after the peak.

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I'm excited to bring you the market update for the North Delta market from November 2016. If you've been following along lately, you know that our market has shifted as inventory has risen and sales have decreased and bottomed out. We've also seen pretty big shifts in our benchmark value since the peak of the marketplace. One question I always get is: "What do you think is going to happen in the marketplace?"

Since we have this data, we can make smarter, more informed predictions for what's going to happen.

We know that active listings have steadily increased, but the interesting statistic lies with sales. After a historic market run, we saw the number of sales drop to 30 in August. It stayed pretty level over the next three months, with 28 sales in September, 30 in October, and 29 in November, so we're seeing an average of about 30 a month

What's interesting is that even having come off a historic market run where a foreign investment tax was implemented and the brakes were kind of put on the market, we're still seeing 30 units sell every month in Delta and we're seeing ourselves in a balanced, healthy market.

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We're starting to see a return to a healthy, balanced market.

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The sales to active listings ratio is a number that basically tells us how our market is performing by way of how many homes sell as a percentage. Going back to August, it was at a healthy 15%, but it dropped down to 13% and 14% in September and October, respectively, leaving us wondering where the market might go. In November, that number was back up to 16%. You can see that we're floating around 15%, which is the bottom of a normal market, but still a normal market nonetheless.

Benchmark value is a figure that a lot of people have questions about. What's happening to the value of our homes? We've seen that number shift downward since the peak of the marketplace; last month it was $835,400. It was the biggest downward shift that we had seen from $875,000. So what happened in November? We saw a very marginal shift as it dropped down just slightly to $832,000.

Looking at the market as a whole, we've got data for the last 120 days. Sales remained relatively consistent and now, we're seeing the benchmark price level out somewhat. It's Christmastime, so it's normal for the market to cool off and not have predictors one way or another, but it'll be interesting to see. I will, of course, be the first one to bring this information as soon as it's in.

If you have any questions about real estate in North Delta, don't hesitate to give me a call or send me an email. I'd be happy to help.

North Delta Market Update: October 2016

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!

How We Gave Carmen Marketing Tips for Her Listing

“It was very nice, very pleasant. He is a very professional guy and he knows what he is doing. It was really, really good. He was phoning us and asked if we want to sell and decided to send me some marketing stuff.”