04/17/2023
As of today we have 1480 free-hold homes listed on MLS in the C, E and W districts. That represents a slight uptick from the previous week, but less than 2 weeks before. There were 371 new listings last week, lower than the previous 2 weeks, but in line with a holiday period The verdict: we are still at a low inventory stage of the Spring market 🏠
Activity was brisk, with 181 sales last week, and 111 of those selling at or above list price. That's 61% of offers going into competition, but all price points are not created equal when it comes to multiple offers. A staggering 81% of homes selling below $1 million sold above asking price. That percentage drops slightly to 65% when examining sales between $1-2 million. Buying between $2-3 million? You were just under 40% likely to deal with multiple offers. Of the 10 sales above $3 million last week, only 10% sold above asking. The verdict: If your budget is less than $2 million, be prepared to consider a pre-emptive offer, or to show up on offer night with the strongest offer you can, while staying in your pre-approval zone.
TRREB has released the market stats for March, and has announced the first average price increase, month to month, since last year. When we have prices increasing, activity strong, and lower than normal inventory, there can only be one conclusion drawn. The verdict is in. We are in a Sellers market.
If you would like more information on the current market conditions or Real Estate in general, feel free to reach out.
Buy 🏠 Sell 🏠 Lease 🏠 Invest 🏠
