Many Essex County homeowners were starting to get nervous this summer as prices slipped slightly for 3 months in a row. Local economists and brokers suspected that our price surges were finally over and that we could expect to see a much-anticipated correction in the market. We believe that record-low inventories, relaxed lockdown measures and highly anticipated summer vacations and social gatherings all played a big role in why the summer numbers fell.
Now that the August numbers have been published, and our average price point has rebounded by over $26,000 to $568,420, it seems that a slowdown isn’t in the cards for us just yet. But some things have changed, and it’s important to understand the data (that’s where we come in) if you’re on the fence about buying, selling or waiting it out. The average price has increased but the median price has remained stable, which is an indication that there are more luxury home sales in the area, and that’s skewing our average price in an upward direction.
Though this data suggests that a crash isn’t coming any time soon, slight fluctuations in the market can mean leaving money on the table when it comes time to sell. Timing is everything in this week-to-week market, now that we’re seeing an increase in inventory. It’s more important than ever to keep an eye out for neighbourhood house sales that may be competition. And, as Fall inventory continues to rise and buyers have more choice (and possibly government subsidies, pending Federal election), quality, well-maintained properties will attract more attention resulting in even higher sales prices. Marketing a property to the right buyers also ensures a swift and effective sale – essential because a house that doesn’t sell quickly is a house that gets overlooked.