Jalaj’s Market Update for February 2020


Hey guys, what a ride it’s been so far this year. As you can see the number of new listings didn’t change by much, up slightly by 1% to a total of 253. At the same time, the number of sales reported were 24% higher. With fewer listings and more sales, the average sale price came in 12% higher to approximately $803,000. We definitely are in sellers market and this is supported by 71% sold to new listing ratio and more so by witnessing majority of the homes selling in multiple offers and way over list price. In the month of February, we had total of 146 active listings, which was down by 42% from last year. This translates into less than one months of inventory on the market. As a buyer, you want to make sure your financing is firmly in place and at the same time if necessary, try and do a home inspection prior to going in with an offer, so you can go in with a firm offer. Please bear in mind that in this kind of a market, list price is merely a starting point. Feel free to call me or message me with any of your questions.