November 2023 Real Estate Update:

There's more inventory entering the market with condos and townhouses leading the way. Detached houses are selling a bit slower because of the higher price point.

Prices for homes have dipped 0.8% since last month. Prices of condos and townhouses have went up 0.2% since October.

Because of the new inventory buyers have more choice. It is starting to look like a more balanced market. Buyers who have been looking for awhile know what they are looking for and won't hesitate to pull the trigger so keep the new listings coming.

I am seeing that people who are buying are people who already have property. In fact it is the perfect time to upsize since the price gap of condos and townhouses are so close to that of houses. First time home buyers are cautious and are more looking towards presales.

Sellers who are stuck in the past with their unrealistic expectations are getting blown away by the prices of the new listings. Prices need to be adjusted to what is going on in the market. Only the people who are able to adapt are able to move freely. February 2022 was the peak of the market. Now is a completely different time.

Any questions just call or text:
Spencer Kumo Real Estate
RE/MAX Real Estate Services
(778) 981-0188
SpencerKumo@gmail.com
www.SpencerKumo.com

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