Market Update for August 23rd
The CNE is open and fall clothes are already available in stores. Yikes! that means that summer is over. As kids, you would either be excited for school to start or trying to squeeze every last moment that was left to play. These last two weeks of August are traditionally slow in real estate. Most agents have told their clients to wait until after Labour Day to list. Our feeling is that there are a lot of last-minute
trip takers out there doing their best to enjoy what’s left of summer. So, savor what’s left of August and we will pick up again in September.
After a quick uptick in listings and activity the market is backing off to traditional summer levels. The freehold sector experienced an uptick in the number of available homes coming to market last week by 29%, while sales dwindled slightly by 5%. Historically low inventory levels are driving up prices and still producing multiple offers in 58% of the home transactions last week, mainly in the $700K to $1.5M range.
The condo market continues its successful march. Last week we registered a 33% increase in new listings, but sales were down 23%. Overall, nearly 47% of all units that traded sold at or above the list price. That is still a high percentage and most of those were recorded in the $400K to $700K price range.