MARKET UPDATE FOR THE WEEK ENDING JUNE 21ST, 2019
Today we welcome summer, the longest day of the year! Back in the good old days of real estate Realtors would work hard up until the end of June and then they would take it easy for the summer months, as did the buyers. Over the past few years the Spring markethas lasted well into summer with usually just a short break in the dog days of August. This year is no different. Listings may have slowed somewhat but the activity and the sales are still going strong. We think because of the weather not feeling HOT just yet, buyers are still attending open houses in droves and competing in bidding wars for that “perfect” home.
The freehold market has reversed its month-long trend by recording nearly 13% fewer listings last week. The sales have remained unchanged week-over-week but the number of properties that sold at or above the asking price was up to 62%, substantially higher than the previous weeks. This could be because inventory is lower and there is news in the media that mortgage rates might be are coming down which might be contributing to the bidding wars.
The condo market buyers and sellers expressed a similar sentiment. Listings were down slightly by 10% but sales were surprisingly up by 7% week-over-week. Increasing demand continues to push condo values higher. Of those recorded sales, 53% sold at or above the asking price. For most of this year the average sold-over-ask percentage has been anywhere between 48% to a high of 58% in the condo sector.
Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Port Hope and Cambridge Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.