Consumers seem to have hit the limit of their budgets and home prices have come off from the high of this spring. Listings have increased to normal averages, while sales have dropped. There is currently 7.7 months of inventory on the market across the Sunshine Coast, which suggests we may see further price adjustments in many price brackets.
There are 391 properties listed for sale across the coast, the highest since October 2020. However with only 51 sales this July compared to over 90 in July 2021 and 120 in July 2020, it's clear that we have entered into a buyers market.
There are 391 properties listed for sale across the coast, the highest since October 2020. However with only 51 sales this July compared to over 90 in July 2021 and 120 in July 2020, it's clear that we have entered into a buyers market.
We anticipate that these conditions will continue for the next quarter as buyers wait to see what the forecasted interest rate increase in the fall will be and what inflation rates are doing prior to committing to purchase a home.
For buyers looking at homes now, the increase in listings and less competition allows for greater bargaining power and greater selection of homes.
Sellers looking to sell will find that this is a great time to move into that larger property as they will find that their ability to negotiate for homes in the bigger price brackets will increase their buying power.
Looking to buy and or sell ? Call us today to discuss a customized strategy that will help you achieve your home purchasing or selling goals in today's market.
York & Associates
Janai York 604-817-7173
Peter Spangehl 604-889-2569
jyork@yorkassociates.ca
pspangehl@yorkassociates.ca
Janai York 604-817-7173
Peter Spangehl 604-889-2569
jyork@yorkassociates.ca
pspangehl@yorkassociates.ca