It’s a familiar refrain in the red-hot housing market here in KW; high demand and low inventory. The sustained pressure on real estate in our region has kept prices high, with supply unable to meet the demand.
The stats illustrate this reality with some remarkable figures; there were 597 home sales during the month, which is a record high for November. However, there were only 207 active listings at month-end, which is a shocking 80% decrease from the previous 10-year average of 1071. The little inventory that hits the market is going fast, with potential buyers having to pull out all the stops to compete for a home.
The holiday period is typically slower for real estate, but it’s likely to remain steady this year. With the potential for some interest rate increases into 2022, many buyers remain motivated to act while borrowing is cheap.
If you’re looking to purchase a home in KW, it’s not all bad news! While prices are high, they have levelled off in recent months, and are less volatile than they were earlier in the year. This stability makes it easier to assess what a winning offer could look like, and can provide some confidence to your approach. Despite the market challenges, we’ve been successfully able to help buyers purchase homes. Our experience in navigating the market can help inform your strategy; contact us any time!
Read the full release here.