Summer Market Update
June 1st – August 31st, 2022
As interest rates continue to rise, buyer’s motivation level tends to decrease which results in more listings sitting on the market for a longer period of time. This increased listing inventory gives buyers the opportunity to shop around and negotiate with sellers more than they’ve been able to in the past 2 years. That said, homes are still selling for an average of 98% of asking price meaning we’ve entered into a “balanced market”.
With home values holding steady and bidding wars becoming a rare occurrence, as the name suggests a balanced market doesn’t typically favour the buyer or the seller. With a strong local economy and a healthy listing inventory we expect the balanced market to continue into fall.