Buyer's finally have time to decide what to buy without worrying about being in competition. It is now a buyer's market. This is especially good for first time buyers. It's nice to have the time to make an important decision. With rates on the rise and still somewhat limited choice the market still presents a challenge.
The Seller's market pretty much ended in the beginning of April and became more balance through May. Seller's who sold in February and March caught the peak selling period where just about everything that sold had multiple bids.
More offers are including the sale of the purchaser's property condition to hedge the buyer against the difficulty in selling their own home. The number of showing has dried up as consumers wait and see where the market will end up. A very similar trend is happening in the stock market. Many investors are sitting on their cash waiting to see how low the indexes will go.
A number of seller's who have recently sold have accepted much lower bids in order to secure a sale. Many were more than 10% lower than their asking price. In actual dollars this can be in the $200,000 and $300,000 below their initial list price.
The average price of a detached 2-storey home was $2152400 still above June 2021's $1969300 by about 9% but significantly down from March 2022 $2.7mm. In a normal market 9% year over year is quite acceptable.
Sales volumes were way down by less than half. A lot of people are holding off on any relocation plans.
In June 2021 60 homes sold for more than $3,000,000. This June had only 12 sales.
The rental market is doing better with about a 20% gain in prices to an average of $3500 compared to $2900 a year ago. Sales volumes were down 30% year over year.
Summer is normally a slow period for real estate. We may be in for a much slower remainder of the year.
