June 2019 Market Intelligence

Long Story Short…forget about 2017 & 2018, we are up 3% from 2016 in Average Price and our Volume has not been this high for two years!

How is it possible that our sales volume has increased by 20% over the same period a year ago and our inventory has actually decreased, but our average price is virtually unchanged? The mortgage stress test has the most impact on these prices not increasing. The stress test of having to qualify for a rate that is 2% higher than the actual rate being offered represents a 20% difference in affordability. If we look at the sales volume and the inventory levels we should be at an average sales price of around $1,200,000 but we are almost exactly 20% lower. So what does this all really mean to people? Not much really, depending on your motivations. If you are a typical move up buyer and seller, it’s a nice market where you have time to shop around, make an offer have some back and forth negotiations and the ability to include finance and inspection conditions, all at a relatively leisurely pace in comparison to a couple of years ago. The lack of price appreciation over the last two years would be frustrating for anyone looking to flip a property for a quick profit though. Most people who are thinking about downsizing are probably hoping that the sales prices start to increase or they might be worried about if the prices start to decline (the latter is the type of seller we see most of these days). As I always say, any market is a good market if you have sufficient motivation. I have winning strategies and processes to deal with every situation. Feel free to reach out to me anytime if you would like to discuss your real estate needs in greater detail.