Market Update for April 26
Last week the real estate market took a slight pause while several major religions celebrated their holiest of days all in the same week. With all that behind us and our hopes dashed for a Maple Leafs playoff run, it’s time to concentrate on the task at hand: getting that house all gussied up for the Spring Market. There are flowers to plant and porches to paint. Curb appeal, after all, is the name of the game. The market was in full swing before the holidays and with the warm weather finally arriving, it seems that everything was put on hold. Sellers apparently didn’t get the memo as both the number of freehold and condo listings backed off last week.
Freehold listings retreated by a staggering 43% last week. This was one of the largest week-over-week decreases in a number of weeks, with all neighbourhoods affected. Naturally this is not the news that buyers want to hear, as they are still out there waiting to purchase. While listings backed off, sales across the 416 were up 21% from the previous week and of those sold, 64% sold at or above the asking price. Normally after a holiday break is when listings ramp up. Let’s see what happens this week.
Similar to the freehold market, the number of new condo listings has been going up and down like baseball fans doing the wave. Last week listings were back down by 18%, and sales were also down by 12% from the previous week. While not in record territory, nearly 63% of suites sold at or above the list price. Like the freehold market we hope to see more new condos come to market this week.