Turns out that last week’s less than stellar real estate numbers were not just the result of a minor blip in the stock market. We have identified the main culprit….turkey hangover. Yes, that key ingredient of the bird itself, tryptophan, doesn’t just make you sleepy it makes you slower to buy. How do we know? Well this week that nasty amino acid has dissipated and buyers and sellers have returned in full force.
Freehold listings improved by 8% last week, reversing a 4 week trend towards lower listings. With, albeit, a few more listings to look at, buyers have hit the streets again causing a 12% increase in sales and moving the needle on multiple offers from a year-long low of 45% to nearly 65%. Nowhere is the activity more apparent than in the east core where first-time buyers have been actively looking to break into the market forcing 7 out of every 10 listings to sell at or over the list price.
We also witnessed a slight increase in resale condominium listings last week. While the increase was only marginal (3%), sales rocketed up by 26% from the previous week. It is interesting to note that multiple offers have not backed off either with over 20% of the sales happening at or above the list price. Once again, the most active markets remain the east and west cores, both in the $400k-$700K range.