October 2016 Real Estate Sales Report

October 2016 Real Estate Sales Report

The real estate sales report this month confirms what realtors and home buyers already know … prices are up and the number of homes for sale is down. There has been a lot of talk in the media about the overall slowing market so I did a 5 year comparison.

Real estate sales report

October      2016      2015       2014      2013      2012

Sold              114        117         117          98          82

Avg Price     $473     $385       $380       $359     $336

Active List     233       379         443         447       552

You can see that the number of homes sold is in line with other years while prices are up and the number of homes for sale has dropped dramatically.

Market demand

I was at a meeting yesterday and none of the realtors can remember a market quite like this one. We are still seeing multiple offers, the last three people I have worked with have all been in multiple offers, one with a total of four offers at the same time. Due to this demand potential home sellers may want to consider getting their home on the market now, rather than waiting till spring. Conventional thinking is that by waiting till spring there will be more buyers and therefore potentially higher offers for your home.

Now is time to get your home on the market

However, 2016 is anything but conventional. The high demand at the moment means now is time to get your home on the market. Long completion dates are not uncommon at this time of year so you still should have time to find your next home. Another reason to list now is the numerous changes in the mortgage market. Higher qualifying standards for buyers with less than 20% down mean they qualify for smaller mortgages. This may impact home values in 2017.

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To review your personal situation call or text me at 250-616-3641. If you know anyone considering a move in real estate, please keep me in your thoughts, my business depends on it.

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