January 2021 Housing Update
December some unprecedented activity in the Prince George housing market. Sales were up (9.1%), listings were down significantly (-44%) as the demand for housing conitnued to rise. Competitive offers were almost guaranteed, and homes were not lasting long (Median Days on Market - 30). The really standout thing from December was the change in sales/active listings ratio - which was at 0.64 compared to 0.33 last year. That's a 95% rise, essentially meaning that homes were being bought at twice the rate given the same amount of selection. Homes were selling withing 1.8% of their original list price overall. Supply is sitting at only 1 Month, which is beyond lond. Demand is up, supply is lower than ever.
If you're a Seller, you have the luxury of having a great time to sell even in the dead of winter!
Buyers - be prepared to competing for the most properties, and understand that selection is not a luxury of the current market.