Re/Max Oceanview Realty Weekly Report | Nov 2 - Nov 8, 2021

The statistics for October are in. There were 63 sales of detached homes. That’s down from September’s total of 70 and last October’s total of 104. The Benchmark Price – that is, the price of an average home in an average area – rose 1.7% to $882,900, representing yet another all-time high for detached homes on the Coast. Year-to-date sales total 722, a large increase over the 627 sales last year. Apartments and townhome sales thus far this year total 225, well up from the 163 sales this time last year. With the increasing popularity of attached homes and the decreased supply, we expect prices to rise. Land sales remained relatively steady in October, but the 182 sales year-to-date is significantly up from 121 this time last year. Land prices appear to be holding steady at the moment. While the supply is down, we feel rising construction costs may be capping any immediate price increases. Are you thinking of selling? There’s never been a better time to market your home. Call US FIRST!

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