How is the real estate market shaping up today?
Is the power in the hands of buyers or sellers? Has the market found a balance where both parties are in equal positions to haggle on price?
Watch August’s quick market update and see how your home sale or home buying experience could go.
Hi there everyone, as we cross the mid year point, the numbers released for the month of July, are looking very promising. All the three key variables, the number of new listings, number of sales and average sale price, are all up compared to last year July. To give you some specifics, the number of new listings were up by about 13%, number of sales by about 23%, and the average sale price by about 5% bringing it to almost $711,000.
This is the first time we have seen the numbers in positive territory, since April of last year. Now you might wonder as to why such a turnaround? To answer that question, we have to look at the bigger picture. It was late April last year that is when the new rules and regulations were brought into place, and the market has taken almost a year and a bit, to absorb these changes and also for the consumers to get used to these changes.
With the summer holidays almost over and families getting back to their normal routines, going forward we feel the market is going to remain stable and balanced, along with the number of sales and also the average sale price, staying in the positive territory or even doing slightly better. If you have any questions, message us or call us, and we will be happy to answer them for you. Thanks so much for watching!!