Check out this months real estate market update for Cranbrook and Kimberley!
Well it's been another interesting month in the world of real estate. The market has definitely slowed for sellers. Many buyers we believe are sitting on the sideline waiting to see what the economy, inflation and interest rates do.
The bank of Canada raised rates again last week, this time by .5 of a percent. We feel this is an indication that they will start slowing these mortgage rate increases, however we can still expect a few smaller increases over 2023.
Cranbrook saw sales drop for a 2nd consecutive month and inventory continue to rise. Average sales price is still sitting higher then LY but could start to slip if inventory continues to increase with lower buyer demand.
Kimberley sales are way down at 64% with a similar percentage increase to their months of supply inventory. Sold vs. list price is also slipping which is to be expected. The Kimberley market is highly driven by not only local buyers but vacation or investment buyers. Many investors are also sitting on the sidelines waiting to see what happens in the market. Average price was up, however given the low sales volume this can be attributed to higher priced homes selling and potentially impacting the stats.
We expect that November- December may also be a bit slower in the market. However we tend to find renewed sales growth in Kimberley as vacationers fall in love with the area.
So who can benefit from this ? Well now may be a good time to consider buying! We are seeing sellers being more open to lower then list price offers and they are more willing to negotiate.
If you need a mortgage we suggest speaking with a mortgage advisor and being strategic about your mortgage product. This will help ensure you get the benefits of today's slower market but also not be tied to a higher rate mortgage for too long.
If you want to chat about real estate - connect with us! See you next month!
Steve Throndson | Real Estate Advisor REDLINE REAL ESTATE GROUP