The Summer real estate market conditions continued into September which is normally the start of a brisker Fall market.
We have seen a slight decrease in sales compared to this time last year (stats below), and these lower numbers are likely in part to concern over rising interest rates and inflation. It’s important to note that overall interest rates are at historic lows, there is still lots of activity and well-priced properties are still receiving lots of attention. Here is a brief overview of the sale stats:
- There was a total of 410 properties sold in the VREB region, which is 46.1 per cent fewer than the 761 properties sold in September 2021. This is also a 14.2 per cent decrease from August 2022.
- Condo sales were down from this time last year, and sales of single-family homes decreased 33.2 per cent.
With regards to listings, the number of Active listings has increased meaning that there is more inventory available for Buyers. The market has become much more balanced lately and allows both Sellers and Buyers some time to breathe and make decisions.
If you are curious about what this current market might mean for you and your situation, we’re always happy to have a no-pressure conversation. We’re passionate about helping people even if it’s just to answer some questions!