Market Update – July 2019

So far the summer has been a lot more, um well, like summer! The weather has been warm. We’ve had rain showers and thunder storms, but they blow in and then are gone again. And, the smoke from last year has thankfully and knock on wood, not come back.

What does that all mean? A return to the summer things we all like to do, whether that is camping, hiking, sitting around the fire or even doing 5k obstacle runs (although a word of advice – make sure you clear the obstacle…)

But, what about that real estate market?

Can a market be good and bad at the same time? I think yes.

We’re seeing some upsides. The under 500k market is getting more active with the number of sales up 11%. But, over that level, sales are down 16%. See what we mean – good and bad.

New listings seem to be slowing down, easing the inventory levels. That means prices might level out and we seem to be headed toward a balanced marketplace – yeah!

The apartment sector is still struggling with too much inventory. But, there may be light at the end of that tunnel as well; CREB says oversupply is easing. Good news for sellers.

Finally in the attached sector, the market is holding. Perhaps it is because people are realizing that is a good place to buy a first home, but with an increase in sales of 4%, it is a positive sign.

What does this all mean? The most desirable homes are starting to move more rapidly and if you are looking to buy, you may want to go see those homes you like today, rather than wait.

Enjoy the rest of your summer. There is still plenty of time to get out and do what you like. Especially if that “thing” is looking for a new home!