With Easter behind us, and our hopes dashed for a Raptor playoff run, it’s time to concentrate on the task at hand, get that house all gussied up for the Spring market. There are flowers to plant and porches to paint. Curb appeal, after all, is the name of the game. As if but a dream, the real estate market is back in full swing.
Freehold home listings saw a 16% increase last week with the biggest gain happening in the East and West core, particularly in the first time buyer segment ($400k-$700k). This is great news for people looking to get into the housing market however, competition remains tight. We were somewhat shocked to see a 74% increase in the number of sales last week. 62.5% of homes traded at or above asking price. You probably heard the one about the house that got 72 offers. Let us be the first to state that is not the norm. A good house, well priced, and given enough time on the market should get 2 to 6 offers depending on location, price and condition.
Meanwhile, in the condominium market, no news is good news. Available listings increased by a marginal 5% while sales increased nearly 14%. As long as sales outpace new listings we can sleep well at night. Sales happening at or above the list price seem to be hovering in the 20-30% range, which we consider to be very healthy.