Property values continue to rise, BUT overpricing doesn’t pay

Sales volume is down 50% compared to the same time last year, but prices have continued to rise.

  • When properties are priced appropriately, they go under contract in less than 10 days and sell at, or over their asking price.
  • When properties are on the market and don’t go under agreement within 10 days of listing, they almost always sell for less than their asking price.
  • Ultimately, the sale price ends up as much as 10% lower than what would have likely resulted from pricing the property closer to the most recent comparable sale.

This should be a clear message to those sellers who really try to “push the envelope.”

Inventory continues to hold at, or near record low levels while buyer interest remains strong. As of September 30th, only 23 properties were on the market:

  • There were five single family homes listed, three of which were listed for over $2 million, and all of which have been on the market more than 30 days.
  • There were nine condos listed, spread over six complexes, and priced from $289K for a 1-bedroom Pinnacle condo to $890K for a 3-bedroom Trailside Village condo. All but two of these condos have been on the market for more than 10 days.
  • There were nine parcels of land priced from $48K to $350K and all of which have been on the market for over 150 days!


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