SO WHAT JUST HAPPENED: Out of necessity, list prices came down in late spring/early summer but there have been more than enough buyers around to catch them and thus the inventory did not keep growing – as illustrated, it decreased.
As is the case historically, properties in the entry level price segments are seeing the most activity and thus they are most limited in supply. The pace of sales in the mid and upper price segments are also now behaving as they traditionally have. In a historical context, our inventory remains extraordinarily low. Although it is easier to find a home to buy today than late-2021 and Q1-2022, I still consider it hunting and not shopping.
Based upon the current supply & demand and where we are at this moment in the year, there are no signs that the inventory will spike, that demand will abate, nor values recede. The off season begins next week. Tourism and owner-visits diminish. New listing activity tapers. There is much less buying activity and fewer transactions during the winter. Thus, I do not believe the supply & demand equation will evolve much until spring.
And lastly, to address the most popular of questions: generally speaking, your property’s market value peaked in Q1 but it is still higher than it was twelve months ago.
I will be reporting on our market conditions just about every two months.
Buying or selling wisely require planning. Call me if I can help you begin to investigate doing either.
