Most frequently hired Realtor® in Canyon Creek - YOUR TRUSTED RESOURCE.

Latest news on the Canyon Creek Real Estate market in July 2023….

What you need to know now…..

What it means for you…..

 

In May, there was a significant decrease in activity, leading to lower sales in June, (remember it takes 30-40 days for transactions to close). June, once school was out and more inventory came on-line, we observed a surge in homes going under contract, resulting in a substantial increase in closed sales for July, totaling an impressive 100% growth compared to the previous year.

Looking ahead, we anticipate August to report promising numbers due to the contracts signed in July. September numbers will be down since August is historically a lull as people prepare for school and take last minute vacations.

In today’s market, precise pricing of homes holds paramount importance. The key to attracting offers lies in listing homes within the price range of recently sold properties, ensuring they are presented in their best possible condition, and executing an exceptional marketing strategy. It’s crucial to note that buyers are no longer willing to entertain inflated list prices.

u Canyon Creek Real Estate in July 2023 saw an increase in Home Sales of 100% from July 2022!

u Average Sold Price in July 2023 saw a decrease year-over-year by 31%. 

u  The list to sell ratio was 98% in July 2023 and was 106% July 2022

u  We need fresh inventory!

 

The 31% decrease in home prices does not necessarily indicate that your home has lost one-third of its value. What it signifies is that values have slightly declined for a specific group of homeowners who closed on their properties last year.

If you bought a home in 2020, you are likely to remain in a favorable position overall. Enjoy the benefits of your ultra-low mortgage rate and refrain from worrying about your property’s value at this moment. When the time comes to sell, which could be in 5, 7, or even 10 years from now, then you can assess the market and make informed decisions accordingly.

           

The recent data from home sales provides valuable insights that sellers must acknowledge, urging them to adopt a realistic approach when determining the list price for their properties. Buyers are eager to make purchases but are cautious about overpaying due to economic uncertainties. The hope is that prices will stabilize soon, encouraging both buyers and sellers to embrace a more pragmatic approach, leading to a healthier and more stable real estate environment.

ACTIVE LISTINGS:

EIGHT homes out of 1,380+ homes  

PENDING LISTINGS:

THREE homes

SOLD LISTINGS:

SIX homes

Sellers’s the more you do to prepare your home for market, the stronger your position will be to attract an offer. Stand out from the crowd! Nothing like fresh paint, stellar curb appeal and spectacular photos to catch the eye of the buyer. Remember the eye buys!

We serve our clients by arming them with strong market knowledge and seasoned experience. Are you curious about listing your home now? Do you have questions? Let’s chat about your goals/intentions and figure out if 2023 is the right time for you to make a move.