Market SummaryThe market did not respond to the interest rate increases, and the end of summer as expected in September. The expectation for September was that there would be an uptick in sales after the holiday months were over. This was not the case as sales dropped across CREB by just over 7%. The sales to new listing ratios across CREB are 45.74% which is resulting in rising inventory. The pricing has continued to remain stable in most sectors but prices are expected to soften with rising inventory.
What does this mean for sellers? For the sellers that need to sell, it would be wise to get ahead of the market and price aggressively to sell. It will be competitive getting the attention of the buyers that are in the market. For the sellers that have the flexibility to sell, it may make the most sense to wait until Spring when the market typically picks up. The tire kickers testing the market will only help drive values down by contributing to the high inventory levels. As always it is important to determine what is happening in the community prior to creating a price strategyWhat does this mean for buyers? The potential for a "better deal" is just around the corner with softening markets. The challenge is that should interest rates continue to rise,teh affordability may become less. The higher cost of lending could off set any drops in pricing that we see over the winter months. As always, real estate is a long term investment and all we can do is time a move that works for our current lifestyles and requirements. with lots of options available on the market it is a great time to buy.With recovering oil prices and the economy further stabilizing, there is great confidence building which should translate to the real estate market.CIR Realty