May market update

  There is nothing like a big swing in the market to get people talking.  The biggest difference from May 2013 to May 2014 are the number of active listings available in Estevan.  91 to 258 respectively.  Granted, the biggest jump is in condominiums - both new and re-sale, but there is still a noticable jump in single family dwellings.  With overall sales down over 15%, the result is a bit of downward pressure on prices as buyers have the upper hand.  I tell people that the real estate market plays out exactly the way the stock market plays out - the goal is to buy low and sell high. However, swings in the market mean some buy at the peak and then have to wait out a slight downturn until the market bounces back.  Obviously, with over 11 months supply of housing currently on the market (compared to 3.5 months supply last year), it's going to take some time to work its way out.  For buyers, there has never been more opportunity to get into the Estevan housing market.  Record low interest rates and record inventory... If you've been thinking of buying, now is the time.

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Lynn Chipley

Lynn Chipley

Broker/Owner
CENTURY 21 Border Real Estate Service (2000)
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