Sales Down, Inventory Up in July 2022
After a crazy couple of years for the Yellowknife real estate market, it look increasingly like we are getting back to the old normal. In July we had a mere 23 MLS sales transactions, a 49% reduction from July of 2021. And although 46 listings does not seem like a ton of options for eager buyers, it is considerably more than we’ve become used to for the last couple of years. And with additional interest rate increases likely on their way, we expect this slowing trend to continue.
Before COVID-19 came along and threw a spanner in people’s travel patterns, Yellowknife Realtors were accustomed to a significant slowdown during the summer months. You could pretty much set your watch by it. Kids would finish school at the end of June and families would hit the road, or the lake, or the campground. And we used to expect September, with folks streaming back into town, to bring about mini-peak – a last small rush before the winter doldrums. At least on the demand side of things, that is. Based on the average of the last five years, including the remainder of August we’ll likely only see another 70-80 listings hit the market before the end of the year
All this to say, things are finally getting better for buyers. We’re seeing an increase in options on the market, and “New Price” notifications are becoming more common with each passing week.