Records all around in Real Estate!
A Seller's market typically lasts for 4 months, and I see that evident in this market. Fraser Valley's real estate market continued to break sales records in May for the ninth consecutive month while also reaching near-historic levels of new listings in May. But, as Larry Anderson, President of the Fraser Valley Real Estate Board, said, "Demand hasn't changed. What's changed is supply. In the last three months, buyers have 40% more inventory to look at in the Fraser Valley, and it's allowed them to take back a little control.
So I see less of those scheduled offer days shortly after listing day, and offers have some subjects in them again, and the buying power of the buyer has marginally decreased due to the Stress Test, introduced on June 1. This will have a ripple effect in the market as we head into summer. So we have not hit a balanced market, but a healthy Seller's market instead of a red, hot Sellers Market we had in the first quarter of this year.
I am always available to answer any of your Real Estate questions and love to help. Please reach out to me if you have any.
Have a super day!
Amanda
A Seller's market typically lasts for 4 months, and I see that evident in this market. Fraser Valley's real estate market continued to break sales records in May for the ninth consecutive month while also reaching near-historic levels of new listings in May. But, as Larry Anderson, President of the Fraser Valley Real Estate Board, said, "Demand hasn't changed. What's changed is supply. In the last three months, buyers have 40% more inventory to look at in the Fraser Valley, and it's allowed them to take back a little control.
So I see less of those scheduled offer days shortly after listing day, and offers have some subjects in them again, and the buying power of the buyer has marginally decreased due to the Stress Test, introduced on June 1. This will have a ripple effect in the market as we head into summer. So we have not hit a balanced market, but a healthy Seller's market instead of a red, hot Sellers Market we had in the first quarter of this year.
I am always available to answer any of your Real Estate questions and love to help. Please reach out to me if you have any.
Have a super day!
Amanda