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NOVA REAL ESTATE MARKET UPDATE: OCTOBER 2021 EDITION

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The market has quietly been shifting in the buyers’ favor with market velocity slowing giving home buyers more choices, and less pressure when shopping for a home. However, that does not mean prices are necessarily in decline. In fact, homes that are priced well and in superior condition are often attracting multiple offers and selling for over the asking price.

Even with days on market improving for buyers, overall new listings are declining which is likely to extend the housing shortage well into 2022. This could lead to rapid price growth in the spring comparable to what we saw in 2021. Nevertheless, expect the 4th quarter of 2021 to see prices cool as demand tapers off which is a typical seasonal adjustment.

 

NEW LISTINGS

For the month of October, 3,792 new listings were placed on the market which represents a 17.55% decrease vs the same month last year. Broken out by property type, detached homes accounted for 42.99% of new listings, attached homes accounted for 36.08% of new listings, and apartments accounted for 20.94% of net new listings.

Median Days on Market: 8

 

CONTRACTS RATIFIED

For the month of October, 3,680 contracts were ratified which represents a 2.51% increase vs the same month last year. Broken out by property type, detached homes accounted for 43.99% of contracts, attached homes accounted for 37.66% of contracts, and apartments accounted for 18.34% of contracts.

Median Days on Market: 12

Median List Price: $569,900

 

CLOSED LISTINGS

For the month of October, 3,350 listings closed which represents a 13.68% decrease vs the same month last year. Broken out by property type, detached homes accounted for 46.27% of listings closed, attached homes accounted for 36.48% of listings closed, and apartments accounted for 17.25% of listings closed.

Median Days on Market: 9

Median List Price: $575,000

Sold Price / Original List Price: 100%

 

WHAT THE NUMBERS MEAN

For buyers, the current sluggishness means now may be the best time to buy a home in the foreseeable future. In addition to fewer buyers competing for current homes, interest rates are likely lower now than they will be in the coming months.

For sellers, tread carefully in the 4th quarter. Every situation is different but you’ll need to analyze current value and carry costs vs waiting to sell in 2022. There’s also no guarantee that 2022 will take off for sellers as 2021 did, so weigh your options carefully.

 

Useful Resources

Here are some helpful resources you can reference for more information on the current market.

Your Fall Home Maintenance Checklist

11 Predictions for the Future of the Real Estate Market

Should You Refinance Your Mortgage Now?

 

YOUR NEXT STEP

As with all data context matters. If you (or someone you know) are thinking about buying or selling real estate, please contact us to discuss your unique situation as well as your goals and objectives.

Request Consult

 

Disclaimer The source of this data is Bright/MLS. Their system may, or may not include all sales and/or listings, or contain errors out of our control. The numbers reflect a specific point in time. Every situation is different, and market conditions change rapidly, consult with a professional real estate advisor before investing in or selling real estate.