November 13, 2022
While we enjoyed one of the best and longest falls either of us can remember, winter has arrived and with it our thoughts have turned to our 30th Annual Food Drive in early December (see details below) along with skiing, snowshoeing and all the amazing activities in our mountain paradise.
Our market is one that many are struggling to understand. While it has felt for many like the market has taken a step back and with many price reductions, we can see how it could be viewed that way. Many price reductions we are seeing is sellers that have hoped to capture some of the higher prices seen earlier this year and those reductions are bringing the prices down to actual market pricing. We are seeing more pressures on local buyers with increases in interest rates and the lack of options on the market but less of an effect from second home buyers as they often have less concern for the financing aspect of the purchase.
Understanding that the last few years have been so different with the pandemic and resulting effects it had on the market we like to compare our current market to 2017 thru 2019. Our market total of active listings on November 1st this year is 138 compared to the average number of active listings from 2017 thru 2019 being 204 (so 32% less inventory). For total sales we saw 32 in October 2022 and the average from 2017 to 2019 was 42 (so 24% less sales). It is easy to look at the reduction in sales as a slow down of the market but it would be naive to say that without referencing the lack of inventory.
As mentioned above and below, we are proud to announce once again, that our 30th Annual Royal LePage Food Bank Drive will be on Tuesday December 6th. This is our biggest ask of the year, as we always need help that night for a few hours. Please give us a call if you can help out that night with a bit of your time, a donation of non-perishable food or a monetary donation.
Lastly, we are here to help you, or anyone you know for all your real estate needs. We are never too busy for your referrals!
To continue reading : http://mailchi.mp/031de21a435d/october2022-8686959