It’s been a BUSY start to the year over here and that’s just the beginning.
Lack of inventory AND high interest rates keeping sales slower in 2023 overall. Buyers and sellers have been keen for our spring real estate market to arrive on the coast and it’s going to be an interesting season ahead!
Let’s take a quick look at what to expect in the coming months:
A RETURN TO BALANCE: The past 4 years have seen significant swings in our market from extreme buyers market to a very strong sellers market and back again. For 2024 however, the pattern emerging is one of balance. This allows both side to carefully consider options, strike a good deal and move ahead with confidence, not panic.
SPRING INVENTORY NEEDED: An average level of around 400 listings is typical for the coast and as of today, we have 255 active listings. To put it simply, we need more homes on the market. Spring is traditionally the most popular time for home owners to list their properties and buyers are paying attention. CLICK HERE to see the coast’s 10 year inventory history to understand just how low our current levels are.
INTEREST RATES BEGIN TO SETTLE: It’s been almost two years since the interest rates shot up like a rocket and cooled Canada’s housing market considerably. Expectations are that rates will begin to decrease in mid 2024 and with that will bring additional competition from buyers who have been waiting on the sidelines to make a move. This doesn’t mean we will see the intense bidding wars from 2021 but more multiple offer situations can be expected as those rates steadily decline in the next 18 months.
Selling in 2024? Here’s Where To Begin
- Establish your main reasons for selling and your ideal timeline.
- Connect with your trusted realtor (hello!). If we’ve reviewed a previous market evaluation, this is a great time to have it updated for current conditions. Typically a market evaluation, or ‘CMA’ is accurate for 6 weeks at best in our region.
- Next, we’ll create a game plan based on your goals and how to achieve them. This will look different for everyone. Maybe your property needs prep work before the ‘For Sale’ sign goes up. We will work together to determine the smartest way to upgrade that will add value, not busy work to your plate. And remember, decluttering & deep cleaning can do wonders for a home without adding additional expenses.
Buying on the Coast? Let’s Start Here
- Contact your lender or mortgage broker to confirm or update your budget.
- Are you already receiving property notifications? Great! If not, let’s get you set up or if you have an outdated one, just reach out anytime and let me know how your needs have changed so you’ll be receiving the most up to date & relevant info.
- Grab your keys, we’re going shopping. This is the fun part. Once you’ve got your budget and search locked in & you’re ready to buy, it’s time to check out some houses. Bring comfy shoes, water and a notebook. You’re on a fact finding mission afterall 🙂
Let’s chat anytime!
Market Snapshot | Feb 6th – 12th 2024
Weekly Sales Total: 11 with 9 detached, 2 attached & 0 land
New Listings: 25 with 23 detached, 1 attached and 1 land
Average Sales as a % of Listing Price: As of Feb 1st 2024, listings were selling for an average of 94.5% of their current listing price (not their original listing price).
Total Inventory: 376 listings with 239 detached, 49 attached and 88 land.
Overall our market is in need of inventory if we are going to see a spring boost in sales. Prices remain steady with no extreme swing up or down. Sales volume is putting us in a balanced market meaning sellers and buyers are on level playing ground for the time being.
If you would like to know more about activity in your neighbourhood or are simply curious about the current market value of you home, I will be happy to send a short no-obligation info pack.
It’s a pleasure to serve our amazing community. I’m excited to put knowledge and experience in this market are at your service for 2024! N
