Market Balances after Summer Heat
Third quarter market stats indicate a more balanced market. Sales for the last two months of the third quarter and into the first month of the fourth quarter show slightly slower sales numbers resulting in a higher standing inventory and lower Sales to Listing Ratio than recently recorded. The Sales to Listing Ratio for Detached homes in Port Coquitlam in September 2006 dropped to 54%, down from an average over 75% in 2005. In recent years, extremely low inventory and pent up consumer demand, shifted buyer’s attention away from pricing and therefore was not often questioned allowing sellers to price without consequence. As a result of the increased inventory in the market place, buyers are becoming much more price and value conscious than in recent years. Markets in transition like this bring back consequences in over pricing properties. Although the market is still very strong, sellers will find they need to rely on experience from Real Estate professionals to help accurately price their homes and achieve a successful sale. Experience will be the key to staying in front of the market trends, not following.
If you have any questions about the market or would like a complimentary market evaluation on your home, feel free to call Jeff direct at 604-671-8079.