The annual ebbs and flows of the real estate market follow a similar rhythm each year, and although the magnitude of this rhythm is hard to predict, the occurrence of it is almost innate. The Spring real estate market is the most active time of the year. From about February onwards listings begin to surge, an increase of supply is met with a rush of demand, and sales prices go up. In the last few years the Squamish Spring real estate market has reached a new magnitude, prices have sky-rocketed, sales have been at record numbers and days on the market have been few. In real estate world, the Spring market is certainly BOOM-time, the busiest season of the year.
The Spring market typically begins to slow down in June, almost exactly at the same time as the kids are out of school. Though we have still had a pretty active summer for real estate in 2017, historically speaking, compared to Spring, the summer takes on a much calmer pace. New listing activity dies down, buyers have more time to shop around, and prices remain relatively stable.
It isn’t until the end of summer when activity starts to pick up again, this is like the real estate echo. Those who want to sell but didn’t make the spring market will likely try selling their home late summer/ early fall to nab a sale before Christmas. Buyers too anticipate an uptick of activity around this time and are eagerly awaiting a property deal to appear now that the crazy Spring market is behind them. This surge in real estate activity usually only lasts September and October before the market goes idle through the winter months in anticipation of the next big Spring boom.
So what does the real estate boom and echo affect mean for buyers and sellers? The late Summer/ Fall market provides a great opportunity for both sides of the deal.
For sellers who missed the Spring market and have been holding off for the Summer, increased buyer activity after Labour Day means you’re more likely to get a quick deal and a strong price for your home.
Buyers can revel in the additional listings that come on the market this time of year, without the sometimes frenzied pace of the Spring market.
So far this August we have seen 45 new listings on the market, 48 sales and 18 price changes. In the last week or so buyer activity seems to be picking up and we are anticipating a busy market again after Labour Day.
If you’re thinking of selling your home this Spring contact us for a free home market evaluation. Alternatively if you are hoping to buy, let us help you find the perfect home before Christmas.