Late Spring Market Update
Just as I predicted in our New Year newsletter, the market has taken off and is on an ascent to new record levels this year. Just the other day we sold a character 33’ lot ‘north-of-4th’ 1912 home in a multiple offer situation selling $520,000 above asking. Now if that’s not an indicator of a market recovery I don’t know what is. We have a couple dozen similar stories of other recent sales this year. Both the Eastside and Westside markets are now in ‘Sellers Markets’ with sales ratios above 21%. With inventory levels beginning to climb substantially now, home owners are now more comfortable listing their home for sale as there are more and more purchase options for them. And the residual left-over buyer demand from last year, coupled with this year’s increasing demand, has created and insatiable buyer appetite. So new listings are being very well received if handled properly and marketed strategically.
Following the government intervention into our market at the provincial, federal, and municipal levels last year, our market responded negatively falling by approximately 15%, hitting rock bottom in October. Like a stunned fighter after a knock-out blow, our market sat up in late fall gathering it senses. By the new year, it was on its feet gaining strength and today it’s in full recovery mode gaining strength by the week.
Just another clear message to our governments that government intervention at any level with poor planning and no industry dialogue is doomed to fail. I mean really? What were they thinking?
The hottest segment of our market is still attached condos, townhomes, and half duplexes breaking the 70-80% sales ratio market. Again, this is mainly driven by affordability for the upgrade buyers adding to the increased downsizing demand. Detached houses on the eastside followed by houses on the Westside are also getting hotter and hotter.
Timing your move either up or down is one of the most critical decisions you need to make when making a move. Through our detailed Real Estate Timing Analysis, Adam and I go through a well-researched custom timeline for you that enables you to take full advantage of the cyclical and overall market patterns. It’s our job to make this next move the best ever from the sell to the buy.
So far, the team and I are on a record setting pace this year with over $37,000,000 in properties sold so far. And the vast majority of these sales have been at record setting values thanks to the continued success of our 38+ Point Marketing Plan and Backoffice follow-up and tracking systems. Thank you for continuing to recommend us to your neighbours and friends. Our repeat and referred clients continue to account for over 80% of our business. We value your business and those that you send to us. Again, thank you!