By Michael Citron, Parkland’s #1 Realtor
As someone who has been deeply embedded in the Parkland real estate market for years, I’m seeing some interesting trends right now.
Mortgage rates are dipping slowly but steadily. According to Mortgage News Daily, rates have dropped by more than half a percent over the last six weeks, marking the lowest levels since February 2023. But even with this dip, many buyers and sellers are holding back, waiting to see if rates will drop further. And that’s understandable — about 80% of current mortgage holders have a rate below 5%, so it takes a compelling reason to jump into the market.
For those looking to sell, the most significant factor motivating them is often the promise of locking in a lower interest rate on their next home purchase. As we look at the numbers in Parkland, inventory levels are rising. Active inventory has grown by almost 40% compared to August 2023, hitting the highest level since May 2020. For prospective buyers, this is crucial because increased supply gives them more options — but the demand hasn’t caught up just yet.
Let’s look at what’s happening in Parkland specifically. We currently have 150 single-family homes for sale, excluding the 55+ communities, condos, and townhouses. Of those, 43% have already seen price reductions. Homes stay on the market longer, with an average of 66 days before selling. In just the past week, we’ve seen 22 new listings, 17 price adjustments, 10 homes under contract, and 10 homes sold. These are key indicators that while the market is slow, it’s not stagnant — things are still moving.
So, what does this all mean for you as a homeowner or prospective buyer in Parkland? Well, for starters, now might be the best time to act. While we anticipate a slight dip in rates, potentially into the low 6% range, waiting too long could mean you’ll face more competition. Historically, the market slows down as we approach the fall and winter seasons, with people focused on the holidays. But by next spring, buyers will be more active, and you could find yourself competing in a more aggressive market.
If you’re considering selling your home, now’s the time to position yourself before the market gets even more crowded. Speak with a lender, get your numbers together, and be prepared to act while rates are still favorable. If you wait until next year, you could be facing higher competition and potentially missing out on the best rates. In Parkland, especially within the $1.1 to $1.2 million price range, there’s likely to be much more buyer activity come spring.
For buyers, now is your opportunity to negotiate. Homes are staying on the market longer, and with nearly half of listings seeing price reductions, there’s room to find a deal. But remember, the luxury market might be a bit tougher to navigate. If you’re looking at the higher price ranges, the competition might not be as fierce, but it’s still essential to act strategically.
The key takeaway is this: Don’t wait on the sidelines for too long. Rates are slowly declining, inventory is growing, and by next year, we expect the Parkland market to heat up even more. If you’re serious about making a move, start planning now. Reach out to a trusted lender, get pre-approved, and have a solid strategy in place. Whether you’re buying or selling, the best decisions are made with preparation, and in this market, timing is everything.
If you have any questions or need expert advice, feel free to reach out to Parrot Realty Group. I’m always here to help guide you through Parkland’s ever-changing real estate landscape.
Michael Citron
Owner & Realtor of Parrot Realty
Michael Citron – Parrot Realty.
