August Real Estate Thoughts...

As our summer wears on it is a relief to see the economy open up and life getting back to some form of normal.

Although there are many Countries and places experiencing additional Covid challenges, it is certainly refreshing to see minor sports coming back, local travel busier than ever and plans for returning to school being put in place.

Our local Real Estate Market remains very strong with volume of trade decreasing slightly over the past month yet values maintaining at a high.

I often speak with Realtors in across many cities in North America and this strength in the market is consistent, although many other larger markets are starting to shift as they see more inventory coming for sale and supply beginning to meet their demand. One unique development in the GTA market is the new strength in condo sales. It seems the condo market primarily satisfies affordable housing options in the city so it makes sense that the appetite for affordable housing in the city is gaining strength once again as we navigate through Covid and people once again feel comfortable in higher density housing.

In comparison….in our local market where our volume is quite small and a sudden supply of 10-20 listings can seem like a market shift. On the other hand, if we experience a week of 10-20 sales and no new listing inventory, the market may seem like it is tightening up as Buyers desperately search to satisfy their housing needs.

This is exactly the situation that we seem to be in at the moment here in CW…very little inventory and consistent Buyer demand from local Buyers as well as Buyers coming into our market from the GTA and further out.??

We do expect as summer wears on and fall approaches, we will see a resurgence in listing inventory, an increase in volume and perhaps some approach to a more balanced market.

It is important to note, the only way that we may see this is through more inventory.

One item that we continue to discuss is pricing, listing strategies and Buyer expectations as we see many different approaches and results in the market.

We have had many recent successes securing home purchases with our Buyers paying close attention to Seller expectations and opportunities that may arise on a listing over the first 2 weeks on the market.

For Sellers, we must be well educated on the market, recent sales, any current competition on the market as well as recent strategies that have been successful in the market.

If priced and marketed correctly we continue to realize amazing sales and many Sellers very happy with the results.

As a quick overview locally…we are seeing extremely strong sales in the $850-1.4M range,

The top end of the market is also quite active in the $2M plus range.

The lower end of the range is steady but not quite as active as we had seen earlier this spring and summer.

The general consensus….we need more homes to sell.

Should you are thinking of Buying or Selling, please don’t hesitate to reach out and arrange a discussion about the market and timing to see how we may plan best to take advantage of the market and help realize your Real Estate Dreams!????????????????