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When people ask us how our local real estate market is these days, our answer is often, “It depends on the price range.”
We’re still seeing two distinct markets. Properties priced above $1 million are generally experiencing buyer’s market conditions, while homes under $600,000 continue to benefit from stronger demand and seller’s market dynamics… the in-between homes are typically at a more balanced market level of inventory.
During the COVID-era housing boom, it wasn’t uncommon for homeowners to list their property simply to see what kind of offer they might receive. If they were considering adding a pool (or were simply looking for a new project), they could put their home on the market and often receive offers far beyond expectations.
Today, the market feels much more normal.
Families aren’t moving just because prices are rising rapidly. They’re moving because they have a reason to move… a growing family, a job change, downsizing, or a lifestyle shift.
Year-to-date, listings are down 3%, and sales are down 7%. Overall, we’re seeing a balanced market with approximately five months of inventory, while average sale prices remain remarkably consistent with the past three years, sitting in the mid-$500,000 range.
It may not be the most exciting market we’ve ever experienced, but it presents opportunities for both buyers and sellers.
Buyers have more time to make informed decisions and can often include conditions that protect their interests. Meanwhile, sellers who price realistically and present well-maintained properties continue to sell quickly and achieve strong results…
The reality is that every move is unique. While market statistics provide valuable insight, your goals, timeline, and property are what matter most when making a real estate decision.
If you’re wondering what today’s market means for you, we’d be happy to help. Whether you’re considering buying, selling, investing, or simply exploring your options, reach out to our team for a conversation about your specific situation and the opportunities available in today’s market.
Cody Kraus
Broker | Owner
c: 519.322.7105
e: cody.kraus@century21.ca
