92109 Market Update 03.23

Taking a closer look at the last 10 years in PB & MB, active listings have fallen off the charts over the past 2 years. This has been the main driver in keeping median home values elevated despite lack of affordability and significant increases in mortgage rates. The average 30 year fixed mortgage rate jumped from 6.09% to 6.65% over the past month, hitting its highest level since November ’22. With higher than hoped inflation metrics trickling in, it’s looking like mortgage rates will be headed further upward in the coming months which may further disincentivize existing property owners from moving property.

Without a huge pop in spring inventory, we don’t expect prices to fluctuate much from current levels given limited inventory but one factor that may have an impact on homes for sale in Mission Beach is the looming May 1st 2023 STRO implementation date. There are approximately 200 residences that applied for Tier 4 licenses that did not win the lottery so it will be interesting to see if there will be an uptick in listings as we head into summer.

Greg Robertson

Email: grobertson@classrealtygroup.com

Michael Libutti

Email: mlibutti@classrealtygroup.com

CRG Recent Sales

By |2023-03-08T00:18:09+00:00March 8th, 2023|Uncategorized|0 Comments

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