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While the market remained red hot through June, it was the first month in 9 months that a new record for total number of sales was not broken. Is this a sign that the market is cooling down, or just that previous June’s have been that much busier?

Well, it is a bit of both. The market is cooling down a bit, but as I have said before, a little bit slower than 200 km/h is still really fast, and a little bit slower than record breaking numbers is still certainly above average!

Speaking of averages, June 2021 total sales numbers came in 22% above the 10 year average with a total of 2,180 sales which is 31% higher than June 2020, but 24% fewer sales than May 2021.

As I have been saying for a few months now, the “feel” of the market is quite different than it was in March and April 2021, as the entire industry, buyers, sellers and realtors alike, have all adapted to the chaos of this market, and despite the numbers still being quite high, everything feels a little bit more relaxed and less hectic than it did just a couple months ago. One of the biggest tells of this “relaxation of chaos” is the fact that many more deals are seeing subjects again.

As life begins to come back to a more normal state as far as the pandemic goes, I believe the real estate market will follow. The “cure” for this crazy market is quite simple as we just need more listings. As more and more people become fully vaccinated and infection numbers continue to drop, I think that we will see more sellers who were being safety conscious during the pandemic begin to list their homes to help build up the inventory.

If you are looking to purchase in the near future, the summer months may be a good time to do so, as it tends to be a little less hectic by nature as more people are out of town more frequently and as such, the competition is naturally lessened.

If you are thinking of selling soon, it is a bit of a coin toss whether it will be better to list now or wait until the fall. There is a possibility that we will see another small jump in prices in the fall if we do not get enough listings, as fall is generally the second busiest season behind springtime.

I think that we will see stability in the prices for the next several months, but if inventory is not built back up by next spring we would like likely see another small jump in prices come April 2022, though I do not predict that jump being by a significant amount as we saw this past year.

Overall, despite the very high sales numbers and the speed the market is currently moving at, the market is in a pretty good place for both buyers and sellers, and hopefully some long term stability is in the future.

If you are thinking of making a move any time soon, let’s start planning now! Give me call, send me a text, send me an email, it doesn’t matter how you get a hold of me, but it’s never really too early to start planning!