Market Update – August 2019

HOUSING MARKET FACTS

Where has the summer brought us?

We hear that it is a “Buyer’s Market”, and if you are a buyer that sounds great.

If you are selling you might think “oh, no”. We all hear stories of homes selling in a weekend and others sitting forever.

I guess the simple answer to the “Where’s the market” question is – it all depends.

The inventory of homes under $500,000 have been the most robust, particularly in the NW and South. But homes above $500k have been entering the market more frequently, outpacing demand, so it is more heavily weighted to a buyer’s advantage.

The attached market place continues to make positive strides with increases in units sold. This may be a direct result of price and the fact that attached homes are often a more affordable choice in most neighbourhoods.

As to the apartment-style market, any increase in buyers is being offset by new listings and inventory from developers. So that market is still not moving as in the past.

Is it a buyer’s market?

That depends on which property you are talking about. The best homes with the most competitive pricing are moving as quickly as ever.