Chris Perry Realtor

MP Market Update - As anticipated the housing market cooled over the summer, a direct response from the increase in interest rates. Purchasers' "buying power" was significantly impacted, some buyers deciding to pause their search to see what the market was going to do. This meant we saw for the first time in years a move away from such an extreme sellers market. As we move into September and a more stable market we expect to see more confidence from buyers and sellers. New listings dropped over the past 3 months but we anticipate an increase in the coming weeks when buyers and sellers are refocused on making their next move. There's a buzz in the Old Town Compass office in anticipation for a great Fall!

Another week, another swing in closings. This time around, we’re noticing a dramatic dip week over week in number of homes that closed, down 141. Across the region the number of new listings stayed relatively constant but NOVA was down almost 100 week on week. Properties under contract remained stable. You can expect the number of closings to increase within the next couple weeks.
If you’re interested in finding out more about how these numbers could affect your next move, or are looking to partner with an agent who knows how to get your sale/purchase to the closing phase without any hiccups, please contact us today!