The County’s housing market isn’t enjoying the spring surge many anticipated, but agents say something just as important is happening: the market is finding its footing, and bringing  buyers in.

With more than 11 months of inventory on the market, there is a strong buyer’s market. Instead of competing in bidding wars, buyers have time to compare properties, negotiate prices, and find the right fit.

Sales increased 21.2 percent in May over April, according to the Central Lakes Association of Realtors (CLAR). While the numbers point to growing activity, agents caution that the County’s relatively small market means a handful of sales can quickly influence monthly statistics.

“Because PEC is a small and unique data set and a couple of sales can move the needle, I’m not sure this would be described as a ‘boom,’” said Carol Love of Harvey Kalles. “But it’s positive and encouraging.”

Ms. Love said retirees and down-sizers relocating to the County are a strong market force. First-time buyers and local families are also an active market.

The federal HST rebate on newly built homes is helping. It reduces upfront costs for new buyers.

Fellow Realtor Faye Moxam is seeing similar signs of a steady market.

“There isn’t a boom,” Ms. Moxam said. “There’s movement.”

Activity is strongest in the $500,000 to $800,000 price range, she said, where first-time homebuyers are becoming more active as mortgage rates stabilize and inventory increases. More move-in-ready homes are making ownership more attainable than it has been for years.

“It’s time to go shopping!” 

In May there were 40 home sales in the County at an average price of $736k. One year ago there were 31 sales in May at an average price of $728k. “Sales are increasing while prices are holding steady,” says Century21’s Bill Rorabeck. “The data is there — and as a practitioner that is how it feels.”
Are we making progress with respect to clearing inventory? “Not much, as we had 157 new listings during the same period. What is clear, though is that sales occur when properties are well priced and with amenities that fit the wants of a typical buyer.”

Mortgage Agent Trish Cook, of Centum Mortgage Express, is seeing the same trend on the lending side.

While much of her current business involves helping homeowners refinance to improve monthly cash flow after several years of inflation and higher borrowing costs, she notes many buyers are approaching home ownership differently.

“They are more intentional with their purchases,” she said. Buyers are assessing their finances and making long-term plans rather than reacting to market pressure.

“The conversation a year ago was, ‘How low will mortgage rates go?’” she said. “Now the conversation is, ‘Did we already see the lowest rates?’”

More Balanced Market

A more balanced market isn’t affecting every price range equally.

Higher-priced homes, those above $1.2 million, are still moving slowly as buyers focus on value and sellers adjust to changing market conditions.

But all of the agents stressed that today’s market is creating opportunities for a wider range of buyers, including those entering the market for the first time.

For buyers, that means more choice, greater negotiating power and the time to make informed decisions. For sellers, it means pricing homes realistically and recognizing that the fast-paced conditions of the pandemic have given way to a steadier market.

For the first time in several years, buyers aren’t just finding homes, they’re finding options. That may be the strongest sign yet of a healthy market.