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Last month, we talked about the market starting to shift and cool down. Listings had spiked and sales were beginning to level off, which signalled the start of this shift. So, where is the market at now?
This month, sales are still on the decline, and new listings are as well. Active listings have climbed from 158 in April to 169 in May. Meanwhile, sales have dropped from 108 sales to 83. Inventory is growing as we approach a more normalized market.
That said, 184 new homes came on the market in April. We’re not going to see that every month - last month, 137 new homes came on the market. That is a more stable number.
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The sky is not falling and the market is healthy.
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We should also look at the sales to active listings ratio. In March, 95% of active listings sold. In April, that number dropped to 68%. Recently, the ratio has declined to 55%. Don’t be alarmed; remember, as long as the ratio is over 20%, it is still a seller’s market. The sky is not falling and the market is still healthy.
In April, the benchmark price in North Delta was $797,000. Last month, we saw that number spike to $881,300 - that’s a 10% gain! It is also the highest gain in the last 30 days in any community in the entire Fraser Valley. In my opinion, this is a lagging indicator of the market shift. What happened was the inventory from the peak of the market was absorbed and home value shot up. It will be interesting to see those numbers in 30 days, although I expect that they will level off.
If you have any questions, give me a call or send me an email. I would be happy to help you!
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