Pamela Vasiliu
Sales Representative
pvasiliu@remax.net

RE/MAX Professionals Inc.
Brokerage
Independently owned and operated.

Date: Sunday December the 17th, 2017 
416-236-1241

 

   

May Market Update

June 1, 2017 - Updated: June 1, 2017
Ok, so where do I start?
 
The recent buzz is the shift in today's real estate market. Everyone is talking about Buyers cooling thier jets, taking thier time and being more conservative. We also need to point out there are now higher inventory levels, which hit the market over the last few weeks. Buyers have more options and less competition. Properties are NOT selling on offer night or selling for dramatically less!
 
Is the frenzy over or will it resurface in the the fall?
 
There was a major shift within four weeks. We watched as the listings went down before the May long weekend and as a result, lower sales. This is typical after a long weekend -the numbers of new listings have since increased. It was a larger drop than we have witnessed previously, with sales falling 49% to 94 sales from the previous week. This is the lowest number in a week since the beginning of the Spring Real Estate Market.  Listings also followed the predictable post-long weekend pattern surging 52% to 406 form 266 in the previous week. This number aligns with the weekly inventory we have been seeing all Spring. 
 
What is interesting, is the number of sales that are selling above their listed price.  In both the condo and freehold market that number has dropped below 50% and perhaps the most surprising thing is that more condos (49%) sold above their list price than freehold properties (48%). Some of the hotter neighborhoods in Toronto are still bringing in the bidding.
 
Are Sellers are hoping to wait out the hesitant Buyers by holding off their listings until the fall market arrives in September? 
 
The condo market followed a similar pattern with sales dropping 28% to 133 from 185 the week before.  Listings climbed with 41 new units on the market for a total of 380 new listings, up 12% from the previous week.  The bulk of new listings came out in the downtown core and were in the $400-700,000 range. 
 
There has been some interesting press this week about the city pushing for more large family friendly condos to be built and we will watch this news carefully in the coming months.
 
So if you a family member or a friend is considering making a move and would like some solid Real Estate advice, get in touch. I woudl be happy to discuss current market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.
My door is always open!
 
Cheers
Pamela

 

 

high park real estate, junction triangle, west toronto, selling, buying, market,homes,houses for sale,condos

 

 


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