As I write this article, we are sitting at 92 listings currently for sale in Centre Wellington, which is quite a bit higher than historically going into December. Homes are still selling, but definitely taking longer to sell, with several properties sitting on the market for extended periods of time, and quite a few price reductions occurring.
There is still a disconnect between buyers and sellers, with many buyers thinking prices will decrease further, and are prepared to wait it out.
There is also uncertainty in the market, including concern over when interest rates will stop going up, which is causing a pause in market activity. I believe a certain amount of stability will return to the market in the second quarter of 2023, resulting in more sales activity for the remainder of 2023 compared to 2022.
This doesn’t mean prices will increase, but rather, prices will stop going down (but if unemployment starts to spike and we enter a deeper potential recession, all bets are off as they say).
As I mentioned last month, Mochrie & Voisin Real Estate Group is now a standalone independent brokerage. My partner Erica Voisin and I believe our fresh approach to real estate, our culture, our amazing tight knit team of agents & dedicated staff, commitment to superior marketing and full suite of client services (including unrivalled staging service) makes our boutique brokerage stand out in our marketplace.
Of course, I also think it is important to further highlight that our brokerage is truly independent, 100% locally owned, and committed to our local community.
Our local real estate industry is changing, with many of the brokerages now being franchises, some ultimately U.S. based, and with ownership outside our area. I’m not saying there is anything wrong with that, just that we have a different philosophy.
We have no desire to be the brokerage with the highest agent headcount in the region. We simply want to outperform the rest by providing the best real estate experience and results for sellers and buyers in our community.
But that’s enough talk of real estate. As the year is coming to a close, all of us at Mochrie & Voisin Real Estate Group wish you a Merry Christmas and a Happy New Year.
Until next year,