18 | June 2024 Industry and Life Updates

Key Topics Discussed: Detached Market Update Current Average Price: $605,300 (up 9.5% from last year) Sales: 3,092 (down 0.8% from last year) New Listings: 4,333 (up 18.7% from last year) Inventory: 3,402 (up 5.9% from last year) Days on Market: 19 days (20.2% decrease from last year) Interest Rates Current Rate: Dropped to 4.75% from a higher rate Impact on Buyers: With the drop in interest rates, more buyers who were waiting for lower rates are now entering the market. Increased buying power for new buyers leads to higher bids in multiple-offer situations. This trend is likely to continue driving up prices, requiring buyers to make more competitive offers. Impact on Sellers: As competition increases, property values are expected to rise. Sellers can benefit from the increasing market value of their homes. More buyers entering the market can make it an advantageous time to sell. Property Management News: Exciting development: Paula is obtaining her Property Management license. Great news for those considering renting out their properties! Annie’s Crazy Birth Story: The market's persistent trends provide consistent data, helping guide clients on making competitive offers. Sellers can take advantage of the increasing demand and market values. Buyers should be prepared for a competitive market environment.