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Real Estate Blog

Here we are at the beginning of June, a month that last year proved to be the most active in our real estate market.  May has seen a slight increase in sales from the previous month but as you would expect, they are still a down from this time last year. 

Number of Sales 2

There is a lot of talk of our market being flooded with homes.  The number of listings is hovering around the 560 mark which isn’t much higher than we usually see.  Looking back to May 2013 we were sitting with an inventory of 600 homes while this time last year we were at 533.  The major difference this year is the absorption rate (if nothing else were listed, how long would it take for all the homes to sell).  The answer right now is 6.9 months which still leans towards a buyers market (3-6

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A housing price drop of $100,000?  I don’t think so.

I have always found it amazing how quickly things get blown out of proportion.  More amazing is where the rumours come from in the first place. The recent rumour that “hundreds of people are turning their keys in at the bank” is ridiculous.  Our Realtor system doesn’t give me the ability to specifically search for foreclosures, but from what I can tell there are only about 10-15 for sale in our market out of 917 listings. I realize this is quite unrelated to the title of this post but it was a rumour I wanted to squash before talking about what housing prices are actually doing.

Sales are down, there is no getting around that.  February this year in comparison to last has seen a drop in the number

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