Raptors fever has descended upon Toronto! For the first time in the history of the Raptors franchise, WE THE NORTH are in the NBA finals! GO Raptors Go!!!
So back to real estate, as we expected the number of new listings to hit the MLS after the long weekend was innumerable. Buyers were waiting patiently for the impending influx of new listings to satisfy a hungry desire for a place to call home.
They now have choices. It was an interesting week with some listings receiving bully offers, some getting multiple offers and other properties we thought were priced to sell and did not get any offers. The question arises again as to “how do we price a property?” Now with more available listings should we price low or price at market value? It’s a mixed consensus when you ask around.
Freehold listings were WAY up by 59% from a week ago and the price range between $800K and $1.5M dominates. In the core of the city there were over 150 listings alone in that price range that were new. Sales were down last week by almost 40%, but again that is normal after a long weekend. And because of the fewer sales, the properties that sold at or above the asking price was only at 46%. That is a slight drop from the previous weeks.
The condo sector was a little different. New listings did not increase last week, and sales backed off by 28%. Of those condos sold 53% sold at or above the list price. The hottest price point again is the $400K to $700K across all core marketplaces which we recognize as a reaction to homebuyers being priced out of freehold homes.