BUYER DEMAND UNCEASING

The trend of low inventory and relentless buyer demand is pushing the market to new highs. March saw 1,121 properties sold through the MLS system. A new record that outpaced May of 1991 previous high of 1,083. Prices are rising, homes are selling faster and inventory remains 30% lower than last year. Year over year the benchmark price for a home in the core has risen from $569,700 in March 2015 to $663,000 in March 2016, a 16% increase. Our tight geography, with limited land for expansion, the buoyant economy, low mortgage rates, pent up demand from slower years and competition from out of market buyers are the major drivers of the market. We remain firmly in a seller’s market with no indication of a return to a balanced market any time soon.

Good inventory is sold quickly with multiple offers not allowing inventory to build to meet demand. The Western Communities are the only area where any significant housing stock is increasing. Pricing there is more stable but beginning to rise. The core is effectively built out and densification is hard to obtain politically, putting pressure on the pricing of existing housing stock which is in limited supply. The desire to live close to the core will keep this cycle moving for the foreseeable future. An experienced Realtor is essential to balancing the equation between selling and buying in this fast paced market.

As the market changes so do business plans. To meet the demands of the real industry and to continue to offer the service my clients expect I have brought Glen Kakoske in to join me in serving my clients. I have been looking for a few years to find the right person and personality to join me in my business. Glen brings a strong background in sales and management to our team, with the right attitude to customer service I have been seeking. Look for further announcements and image changes as we launch this partnership.

If a move is in your future in this market Let’s Talk! and develop a strategy to achieve your goals.

MORTGAGE RATES

April 2016

3.50% 6 Month Open 4.40% 6 Month Closed 2.89% 1 Year Closed
2.39% 2 Year Closed 2.34% 3 Year Closed 2.59% 4 Year Closed
2.49% 5 Year Closed Prime 2.700% Variable 1 Yr 2.20% Variable 5 Yr

MLS® HOME PRICE INDEX

Core

WestShore

Peninsula

Single Family $663,300 $437,800 $602,600
Condominium $325,300 $276,100 $338,400
Townhouse $469,000 $340,200 $417,600