Statistics don't lie and they provide a basis for planning or expectations. Yes, our sales numbers and the dollar volume associated with that are down. In Estevan, sales volume is down by 23%. However, our average sale price has fallen just 2% year over year. That tells me a couple of things. Buyers have far more selection than they had a couple of years ago, but prices have now stabilized at the new normal. To sellers I would say - price it right and expect some negotiation from buyers. To buyers I would say - enjoy the opportunity to buy in a market with plenty of selection, but remember that sellers, (at least those who are priced based on recent comparable sales) will only be prepared to negotiate so much on price. Sellers have invested significantly in their homes in Estevan, the oil industry seems to be confident in our area (drilling rigs are still evident), and we are seeing prices flat line. Single family house sales are the strongest segment of the market and where prices are most stable. Townhouse sales are second, but apartment style condos are still struggling with oversupply. This is probably the only segment of the market where "bargains" can be found.
On a completely different note, I want to talk about our office. As the largest office in Estevan and the leader in sales, we offer competitive rates and a full range of services - everything you should expect from your REALTOR. Our goal is to make the process less stressful for everyone involved, but ensure our clients are well represented in the transaction. Our job is to bring buyers and sellers together and have both parties happy with the result.
We are celebrating 20 years as a Century 21 office this year and we will find a way to celebrate that success and share it with the wonderful people in this community who have supported us. Thank you Estevan - the whole Southeast - for placing your confidence and trust in our office. We will continue to work hard to earn it. By the way, contrary to the rumour mill and my competitors who would love to see me retire - I am NOT moving to Regina or anywhere else this year or next. I'm still enjoying this wonderful business, the people I meet along the way and the great group of dedicated individuals who work in our office. We work hard to meet our client's expectations and feel horrible when we fall short and a property does not sell. Yes, it is a tricky market but we will do our best to achieve the best possible result whether you are buying or selling. Again, thank you for your support. We don't take it for granted.