Say goodbye to the short lived Buyers Market, because if the facts are anything to go by we are entering a period of a Seller’s Market.
Jason Mercer, TREB’s Senior Manager of Market Analysis states “the re-emergence of seller’s market conditions has exerted upward pressure on home prices. Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing.”
Toronto Real Estate Board has released the numbers for June 2009 and have confirmed that we have recorded the Best June on Record. Here are some of the highlights of the report:
-June 2009 is the best June ever recorded by the Toronto Real Estate Board.
-The Toronto Real Estate Board recorded 10,955 sales – up 27%, from 8,600 sales in June 2008.
-The Median Price has increased to $345,000, from $335,250 the previous year.
-Average price was $403,972, up 2% from the previous year.
-There were 18,704 active listings, down 30% from 26,697 from June 2008.
The numbers tell a very simple story. Less inventory + more buyers = higher prices.
The numbers only back up what the REALTORS® that I talk to every day are saying. I’ve spoken to a number of Real Estate Sales Professionals who are telling me stories of multiple offers gone crazy. Just today I was speaking to a colleague who told me that he had put together an offer on a home in Mississauga and was competing with 7 other buyers. Not only that, but he offered almost $50,000 over the asking price and they STILL lost out on the property.
What does that all mean to you? If you are buying, then it means that you have to be extremely quick on the ball when you find that perfect home. Mississauga is seeing the average days on market fall below 30 days for the first time in a long time, so if you don’t put together an offer on that perfect home, someone else will!
If you are selling, then now is a great time to get your home on the market. There are buyers waiting to buy your home as we speak. There is no better time than now to hire a Real Estate Professional to market your home and get it sold for top dollar.
Whether you are buying or selling, it’s an exciting time to be involved in the Real Estate Market at this time!
Roy Bhandari
Sales Representative with Signature Service GMAC Real Estate
www.amitandroy.com
