Everyone always asks us, what is the busiest segment of the market? The answer may surprise you. The price point that had the highest number of sales for September was between $800,000 and $900,000 for a single-family home. That may in fact not be so shocking as this is now considered the most affordable price point for single family homes. However, another segment that was just as busy was those properties listed over $1.5 million. There were 29 sales in total for the month of September over $1.5 million, 5 of these homes sold over $5 million with 2 sales over 9 million (August didn’t have any sales over $5 million). It is also interesting that of the 28 sales between $800,000 to $900,000, only 8 of the homes had suites. We are seeing small families buying properties but not wanting or needing rental income and at the same time seeing the luxury and ultra luxury market starting to heat up.
Of course, none of us know if this trend will continue into the winter months, however the good news is that the adjustment of prices have enabled many more buyers to afford a family home. As well, the reduction in high end properties is motivated those consumers to act now and not wait longer. Could this be a sign that those luxury buyers believe we have reached the bottom?
We will watch these trends carefully and keep you updated. If you have any further questions about the market or know of someone we may be able to help please let us know. We are only a phone call away 250-862-7675