A lot of talk in the London area between real estate agents and their clients is that the market is crashing. While we have seen a decrease in sales prices and volume compared to what we saw earlier this year, this in not an unprecedented event. Real estate is an incredibly cyclical industry in that we see peaks and valleys every single year.
Check out the image above. This is a look at the housing sales per month in the London and St. Thomas area since 2009. As you can see, once the holiday season starts, we see a steep decline, and then an explosion once we get into the new year.
This totally makes sense! Once we get into the holidays, we want to get cozy, have friends and family visit, and focus on our loved ones. For sellers, we want to stay at home, and for buyers, it’s the same. Priorities change over the holidays, which is so important.
While we are seeing a decrease in sales volume, again, this is something that is expected. Once we hit 2023 and start focusing on the year ahead, we’ll see the market rebound. It’s happened every year since 2009, regardless of circumstances and there’s no reason to think why it wouldn’t happen again this year.
So nestle in to your homes during the holiday season and focus on your friends and family. This is the best time of the year to do it. Once we hit 2023, we’ll see the increased market activity once again.
If I can plant a seed with you today, if you’re thinking of buying or selling your home, start your research now so that we can jump in when the market inevitably picks back up. What I can help you with is creating this timeline to hit the ground running in 2023, but in the meantime, start thinking of your research now, and enjoy the holidays.
Ryan Starr Sales Representative The Realty Firm Inc., Brokerage “We’re not just a realty firm, we’re The Realty Firm”