Sales are almost back to
normal across the County. Controlled
Open Houses are now back, with only 1 couple at a time (in a touch free
environment).
January: 140
February: 141
March: 162 +14.9%
As per our last report April
and May home sales were terribly slow:
April: 102
May: 125
And now June, July&
August:
June 184
July 209 +29%
August 108
Let us Look at Prices:
Prices peaked across the
County in March at $481,301 and then dropped to $416,919 in April, rebounded in
May to $486,613 and leveled out in June at $480,054 and rose back to $486,326
and breaking the $500,000 barrier in August to $505,839.
What does the future look like… Inventory of home available across the County will tell the full story! Prices will recover quickly and rise above the $505,839 peak experienced in August 2020.
The number of homes available for sale this time of year are
well below 2019. This puts significant upward pressure on prices. May's
number of homes for sale translated in to 4 months' supply. June dropped to 3
months' supply and July & August dropped further to only 2 months' supply
of homes for sale. Technically we are back into a Very Hot SELLER'S Market with
bidding wars in virtually all pricing Categories. The most aggressive over
bidding isn the $250,000 to $500,000 price categories averaging out above 6%
over asking. What that means is you may see bids between 15% and 29% over the
list price.
The number of homes available for sale is driving this
pricing. Available homes for sale sit well below last year's crazy
market. May's number of homes offered for sale translated into only 4 months of
supply (a balanced market is 6 months of supply). Then June's supply dropped to
3 months and now July and August dropped further to only 2
months of inventory based on current demand by Buyers. the most aggressive
price categories are between $250,000 and below $550,000 averaging above +6%
above asking prices. This means you must come up with the cash for any bid
above a home priced to current market. Banks used Current Market
Valuations for loans. This could mean that a family with 25% down, could
be forced into Canada Mortgage & Housing Corporation Insurance
program because they chose to overbid by 15% to 20%
Remember, Buyers overbid because they believe that prices
are going to continue to rise and the price that they are forced to pay now
will be offset with a year to two at the latest.
If you know someone:
Who “needs to sell” due to
their financial situation?
Who “needs a larger home”
for their growing family?
Is a first-time buyer who
is “ready to buy their first home”?
Call us with their name and contact information today.
Do not wait! They will be paying a lot more if they do!
Put our 18 years of Award Winning Real Estate Service to work!
You'll be glad you did!
Gib & Mary Heggtveit
Broker & Sales Representative
RE/MAX Centre City Realty Inc.
Gib Cell: 519-535-3975
Mary Cell: 519-535-7355
Email: gib@yourfavouriterealtors.com