There’s a lot of confusion right now on what is happening in the real estate market. I think I should fill you in on what’s happening at the street level. This will help clear the confusion.

The market is still tight. That’s the simplest way to put it. Buyers are out looking right now, however, with the slower pace, they are holding out for homes that are in better condition. There are fewer homes on the market and a small portion of those are in better condition. This is leading to a very tight market for good homes. Quite often they are selling quickly or in multiple offers.

Homes that are in average condition are selling like they would in a balanced market. There’s a lot of price discovery by Sellers trying to find the right price range. Buyers are negotiating when they place offers and Sellers are too.

Prices have floated back to just slightly above where they started this year. The bump that we saw in spring with rates in the mid-four percent range has relaxed. We’ve now seen prices stable for a full year. It’s clear at this point that our prices have levelled out with these higher rates. You can expect that when rates start to reduce in 2024, we’ll see a repeat of this past spring when prices started to climb again.

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