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November 2012: Prices are Level

Posted November 22nd, 2012 under market updates.

Despite a brief surge in October, sales overall have slowed down, and the normally brisk fall market did not materialize. However, listings also dropped off sharply, which helped us avoid a situation of over-supply. The sales-to-listings ratio remains below 50%, indicating a buyer's market, and prices for all homes have dropped slightly.

By January, if the sales-to-listings ratio remains below 50%, be prepared for the market to become tougher on sellers. It will be essential to price correctly and make a great first impression as buyers become more picky.

An adjustment is certainly on the way, but the size and speed of that adjustment are yet to be seen. The saturated condo market is a major and unpredictable factor, so keep an eye on any happenings with condo prices.

Want to know more about the state of the market? Just ask me, I'll be happy to help.