Yellowknife Real Estate Update December 5 2023

Yellowknife Real Estate Update December 5 2023

Hello all and thank you for reading this Yellowknife Real Estate update coming in on December 5th 2023.

Interesting times are being had in Yellowknife real estate right now. We have an odd mix of higher than previous years interest rates, low but not empty inventory and a seemingly reduced economy. With most individuals focused on the holidays and a lack of 'what youre looking for' in the market we are seeing a slow real estate market in Yellowknife currently. And this is coming from a realtor who's typically the most optimistic in the bunch. A realtor who just had his busiest month of 2023 (november). None the less I am seeing a slow start to the December market and expect the same heading into 2024. So, here are the numbers:

Over the past 2 weeks, Novmeber 21 - December 5th, we have seen 8 new listings hit the market with an average list price $518,925. Of these 8 new listings NONE of them have accepted offers yet. 

3 properties have been relisted after expiring or having their offers collapse, and we saw 2 properties reduce their listed price.

Over the same time period we saw 4 conditional accepted offers and 7 firm sales. 

Just as we saw 7 firm sales we also saw 7 listings expire/come off the market. Its not typical in Yellowknife to have as many listings coming off the market after not selling as listing being sold in a 2 week period. 

We hope to see interest rates start to trickle down in the new year and a renewed market to kick off the new calendar year. If you are looking to buy or sell a house in Yellowknife call today for the most informed agents perspective and some great advice on how to get it done anytime of the year! 

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