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Today, I’m here with a market update for March as well as a review of the market in the first quarter.
Right now in North Delta, the benchmark home value is $771,300. At the beginning of the year the benchmark value was $703,100. We’ve seen values increase by 9.69% since the beginning of the year. The benchmark removes the high end and low end sales and speaks to the average North Delta Home.
In March, 98 homes sold and 136 new listings came on the market. Sales and new listings jumped up, which is not uncommon for this time of year. We are seeing so much absorption in the marketplace, it’s as if the market cannot keep up with demand. In fact, there are only 103 active listings on the market in North Delta.
Back to the first quarter review. The sales to active listings ratio is 55%, which is incredibly high. It’s even higher than the ratio we saw at the peak of the market in 2006. We’re also seeing incredibly low inventory but sales have spiked.
Finally, if we look at the average price scale, we can see that, historically, real estate is a good investment. Over the last year and a half, the spike in property values is higher than anything we’ve seen in the history of the market.
We are obviously experiencing an incredibly hot real estate market right now. If you have any questions, give me a call or send me an email. I would be happy to help!
Right now in North Delta, the benchmark home value is $771,300. At the beginning of the year the benchmark value was $703,100. We’ve seen values increase by 9.69% since the beginning of the year. The benchmark removes the high end and low end sales and speaks to the average North Delta Home.
In March, 98 homes sold and 136 new listings came on the market. Sales and new listings jumped up, which is not uncommon for this time of year. We are seeing so much absorption in the marketplace, it’s as if the market cannot keep up with demand. In fact, there are only 103 active listings on the market in North Delta.
Back to the first quarter review. The sales to active listings ratio is 55%, which is incredibly high. It’s even higher than the ratio we saw at the peak of the market in 2006. We’re also seeing incredibly low inventory but sales have spiked.
Finally, if we look at the average price scale, we can see that, historically, real estate is a good investment. Over the last year and a half, the spike in property values is higher than anything we’ve seen in the history of the market.
We are obviously experiencing an incredibly hot real estate market right now. If you have any questions, give me a call or send me an email. I would be happy to help!
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