Well, it sure has been an interesting few months in real estate. We have been bombarded by the media with stories of doom and gloom, but despite that buyers and sellers have been busily buying and selling houses and condos! Volume is definitely down, but prices have continued to climb at the same rate as previous years. See below for more information!
By the way, Pub Night was a blast! Next time I’ll bring my camera and will post a few pics for those you can’t make it! 😉
What’s happening so far? Volume still down, prices still up
The volume of houses sold in the GTA has been lower through the first few months in 2008. However, prices are up over last year by 6% in Janurary, 4% in February and 4% in March, and 6% in April.
Obviously, price increases have been stable so far this year.
The fact is that we remain in a sellers’ market (sorry buyers!), still due to continuing tight supply (and low interest rates). However, that could change a bit if we see the usual surge of listings that we expect in the spring. If you are (or will soon be) a seller, keep in mind that we usually want to hit the market by mid-June at the latest. After that we roll in to the summer market, which typically has a slower pace. Most houses sell, regardless of the time of year, but it’s best to strike while the market is still hot!
I’ll keep you up-to-date with what’s really happening in real estate. If the market does change, you’ll get the facts ASAP! As always, call me any time to discuss market conditions and/or your personal real estate needs. I’m here to help you!
Referrals: Do you need a mortgage broker, lawyer or contractor?
I like to give referrals just as much as I like to receive them! Call me if you would like me to connect you with a contractor, electrician, mortgage broker, lawyer, painter – you name it. I also have a great chiropractor, car salesman (he does leases, too), web master and a mobile device guy! I can give you their contact info or have them call you any time – just let me know how I can help.