With the cooler temperatures outside, you would normally expect to see the real estate market cool off...but that is definitely not what we are seeing this month.
As of November 22, there were 1095 active listings on the MLS. 600 were single family homes, 495 were condos, and 317 of those condos were apartment style. This is a very low number of listings for this time of the year. To compare, single family homes were down -55% compared to this same time in 2019, and listings were down -22% compared to this same time last year.
We believe that this low level of active listings will continue to decrease. We expect around 71 listings to expire in the next week, and we’ve been seeing over 100 sales per week for the last several weeks. The volume of new listings is not keeping up with the volume of new sales.
This means that if you have a property to sell in this market, it will be competing against fewer homes in the market. Which means your house will likely have more interest and sell quicker.
Sales have also continued to be very strong as we head into winter. As of November 22, there were 302 sales for the month of November. This is up +64% compared to this same time in 2019, and up +19% compared to last year at this time.
We commonly hear from clients that they think they should wait until spring to get their home on the market...but December is actually a great month to sell your home.
Historically, because there are fewer listings on the market, December has some of the highest Sales-to-List ratios of the year. Sales-to-list ratios measure supply and demand by simply dividing the number of sales by the number of new listings. It is a good indicator of the speed at which homes are selling.
When you average out the sales-to-list ratios for the last 3 years, you have an average overall sales-to-list ratio of 42.4%, but in December the average goes up to 61.2%.
This means, over the last three years, December has provided homeowners a 18.8% greater opportunity to sell their home compared to the rest of the year.
Based on the even lower number of listings we’ve seen in November compared to the last couple of years, we may find that this December proves to be a great month to sell your home.
There is still time to get your home on the market to take advantage of the December upswing. If you have any questions about this info, or the current market conditions, we would be happy to go over everything with you.
Thanks and see you next month!
Tait Real Estate
Jamie Tait - 306.203.0004 - email@example.com
Ross Tait - 306.230.2338 - firstname.lastname@example.org