What you should know about today’s market before you enter it.
With so much changing in the market, I want to keep you updated so you can make an informed plan to achieve your real estate goals. Today I’ll tell you about the latest market stats and what they mean for you. You should know that since last month, we’ve gone from three months to four months of inventory, saw 18% fewer sales, and had 28% more listings.
For single-family and multi-family homes, the average number of days on the market only went down slightly compared to last year, but that number fell drastically in the condo market. The median price of a single-family home was $500,000 last year, but this year, it’s $550,000. Condos went from $360,000 to $391,000. Lastly, multi-family homes climbed from $672,500 to $776,000. All of these price increases are above a 9% jump, which is significant!
What does this mean for you? Many people have been worried about a market crash because of rising mortgage rates, but prices have increased significantly since last year. If you’re a buyer hoping that the prices will drop, you will be disappointed. Don’t wait on the sidelines. If you’re thinking about selling and want a better idea of what your home is worth or if this is a good time for you to sell, reach out!
Buyers and sellers can text or call me at (514) 917-6284 or email me, with any questions. I want to help you figure out what’s right for your specific situation.