I'm sure that many Canadians have been reading the articles in the media about the state of the Canadian real estate market lately. There seems to be a lot of alarm bells going off. People are worried about the value of what usually amounts to their biggest investment, their homes. Correspondingly there always seems to be a bit of a pushback from the real estate industry, telling folks that there's no cause for alarm and that everything is smooth sailing.
I'm not an expert at breaking down the whole Canadian market, but I do know a whole lot about the Quinte real estate market. The Quinte market responds to different stimuli than other markets (all markets are different), and I can say that certain factors have greatly impacted what is happening locally. While it's true that our market doesn't operate in a vacuum (often the successful closing of a deal depends upon the sale of a condo in Toronto or a townhouse in Oshawa), there are a few things that have made a big difference in the last year.
As the graph above shows, 8223 properties were listed in the previous 12 months and 3055 properties were sold, a sales to listing ratio of 37%. While this may not be exact as some properties were listed more than once, it does give a very clear indication that if you intend to sell your home in the Quinte area, you're facing some very stiff competition attracting prospective buyers.
Spring is just around the corner (God willing), and if you intend to put your house on the market this year be prepared to have it priced well, have it in peak condition, and make sure it's marketed to a wide audience, otherwise be prepared to face a very indifferent market because buyers are becoming very choosy with the number of listings that are out there. Don't get me wrong, a well priced home will attract enough attention, but it's not an easy job selling these days.
Stay tuned, tomorrow I will write a blog post about some of the factors that will be affecting the 2013 spring market in the Quinte area.