Our Market - May 2024

As the air crisps and the hum of heaters fills the neighbourhood, our local real estate scene stands as a bastion of strength, with eager home seekers still on the hunt for their perfect abode.

Market Report Snapshot for May 2024 - Let's look at the performance of the market in May, last year's stats in brackets:
🏡 Sold at auction: 51 (37)
🏡 Sold prior to auction: 40 (28)
🏡 Passed in at auction: 14 (9)
🏡 Withdrawn from auction : 13 (2)
🏡 Auction clearance rate: 77% (86%)
🏡 Sold by Private Treaty: 46 (50)

With winter approaching, it's customary for inventory levels to dwindle as sellers opt to wait for sunnier days. This year is no exception, with stock levels plummeting from the beginning of the year and even from the same period last year. In May 2023, our local market witnessed 195 properties come to market, whereas this year, we've only counted 176.

The continual question arises: "When's the prime time to sell? Spring, right?" That's the common sentiment echoed by many, influenced by prevailing opinions, property TV programmes, and the like. Yet, when faced with this query, my response is a bit different: "It's not about the season but the market climate at the time." Over the years, we've observed some springs bursting with promise, while others falter under unexpected pressure.
If we gauge the market temperature through auction clearance rates, a narrative emerges, especially when comparing the first four months of this year to the same period last year which are noted in brackets:
February: 78% (70%)
March: 76% (83%) 
April: 71% (84%) 
May: 77% (86%)

Last year kicked off with a frenzied surge in property prices, mirrored by robust auction clearance rates. The prevailing belief was that interest rates had peaked, and a downward trajectory was imminent. This year, however, prices have steadied, reflecting in the moderation of auction clearance rates. The uncertainty surrounding inflation and interest rates has left some buyers in a contemplative state, while others remain bullish, anticipating an eventual rate drop, which could spur a price surge.

Yet, amidst this uncertainty, our local real estate market stands resilient, a testament to its enduring strength. Like those seizing the opportunity to buy now, I too harbour the belief that a rate reduction could ignite another whirlwind of activity reminiscent of the bullish 2021 market. If you find yourself navigating these uncertain waters, unsure of your next move, reach out. We're here to guide you through these market nuances.

If you have any questions about the real estate market or wish to discuss your next move, please don’t hesitate to call, we are always happy to help. 
 
Disclaimer: Please note all information contained in this report is merely our opinion, it should not be relied on or considered advice.