May Sales Surprise Doomsayers

By
Real Estate Agent with Re/Max Realty Specialists

A glance at this month's graph of resale home prices across the GTA will reveal that May followed the anticipated pattern, with 9, 411 sales of single family residential dwellings.  As Toronto Real Estate Board President Maureen O'Neill suggested, "A 9000-plus sales month is certainly indicative of a healthy market."  While the number of sales fell below last year, the number of listings was also down, leaving the supply and demand balance fairly similar to previous years.

 

Average House Prices Toronto Real Estate

 

 The second thing to note is that from the end of May through August, it is traditional for prices to decline.  This is usually due to many factors, including the fact that during any given two-week period in these months, a substantial percentage of the population is on vacation... including Realtors.  Most families anticipating a move before school begins in the fall organize their moves by the end of May, thus reducing the demand... and supply... in the summer market place.

    If you are planning a move in the next few months, you should be prepared to be a bit more competitive in your listing price that you might have been 60 days ago, however, when you buy, you will likely make up the difference. You will also be able to take advantage of the very low interest rates now offered... which, in the long run, can affect your carrying costs more than a few thousand dollars difference in price.

 

For Homes for Sale in Meadowvale, Mississauga, Brampton and Oakville see Sell My Home in Mississauga Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

Comments (9)

Greg Hampton
Re/Max Around The Mountains - Blue Ridge, GA
North Georgia Mountain Property,Blue Rid

I feel like we are on the way back uo the chart as well.

Jun 12, 2008 02:41 PM
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

The Minnesota Market has sure picked up lately.  Seems like any good listing I see sells in a day or two.

Jun 12, 2008 02:41 PM
Glenn Shong
Re/Max Realty Center - Oconomowoc, WI

Gail

It has got to get better

Sincerely

Glenn Shong

Jun 12, 2008 02:43 PM
Patti A. Puckett
Broker Associate/Realtor/ISA with Nouveau Riche - Belvidere, IL

Lets all join together and repeat: It WILL get better, It WILL return, It WILL provide, It WILL bring joy.  I must believe and keep positive energy flowing daily. I just believe there is no other way

Jun 12, 2008 02:50 PM
Sonja Babic
Sonja Babic/PRIME Realty NC, LLC - New Bern, NC
New Bern NC, PRIME Realty NC, LLC

Great post, keep the positive info coming as it is out there. Thank you Gail

Jun 12, 2008 02:52 PM
Patrick Johnson
Windermere - Bellingham, WA

Gail,

Just wait, I am sure the media will explain the good news away;-)

Jun 12, 2008 02:52 PM
Gail Reeves Reid
Re/Max Realty Specialists - Mississauga, ON

Greg: I am glad your market is picking up.

Chuck: Minnesota seems to be on the upswing too. We need to spread the word.

Glenn, Patti,Sonja and Patrick; Let's share the god information with your clients and customers.

Here in Canada, we have starting to see a bit of a shift in certain markets, but if you listen to the media reports, one would think the sky is falling. I had 3 offers on one of my listings last night.

Gail

Jun 13, 2008 12:08 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thanks for sharing the god news. Good luck.

Jun 14, 2008 01:07 AM
Anonymous
BK

wow can not believe you folks were all so miss guided in April!

Nov 17, 2008 11:50 AM
#9