Market Update and Insight

[Logan McKay Zylstra]

Wanted to share a few real time figures across our rental portfolio and sales markets:

Rental (Data from the 500+ doors we manage):

Median days on market: 28

Busy leasing season came a few weeks early this year (probably because of the good weather we are having)

We are seeing increased amounts of investors/owner clients coming to us, trying to make rental numbers work by putting ADU's in basements (some cities are cracking down on illegal ADU's)

90%+ of new owners are not investors but "accidental landlords"

Sales:

Median days on market: 68

Multiple offers on homes that are well positioned and priced

Lots of bad inventory right now. People are unreasonable on what remodels cost OR new construction inventory that was just bought and owners are trying to turn a profit before the rest of the community has been sold

Buyers are waiting eagerly for the right home and moving fast when it pops up