Thursday, May 23, 2019

1st Quarter 2019 vs 1st Quarter 2018

The market remains a Buyer's market with thin inventory levels. It also requires you to be patient as properties are taking longer to sell. With this late Spring we expect the summer period to more active than usual as families scurry around to relocate their homes.

The average sale price for a detached 2-storey homes was $1391500 down 2% from 2018's $1421000. This is similar to the average price back in 2016.

 Sale volumes were up 8.25% for detached 2-storey homes with 287 sales compared to 263 in 2018.   Volumes were up 4% overall for all sales types of housing; condo's, semi's...

Price, in this market, is surprisingly not necessarily tied to a quick sale. I know of an instance where a home initially on the market in the $1.3mm range for a couple of months tried to auction it off by reducing the asking price to below a million dollars and wound up reverting it back to their higher price after not securing an acceptable Offer. That home was on at the lower price for 2 weeks.

Interest rates should remain flat with the possibility of a slight reduction to stimulate the housing market and aid the growing mounds of personal debt.