Residential sales for the month of August experienced a year-to-date total of 4,876 units, an increase of 3.7 per cent compared to 2016.
There is an indicator that stability is returning to the market. I did not like the way the market had been going with record setting sales and prices that seemed unsustainable and created an unfavorable real estate market.
In August 2017, comparing August 2016, 286 detached homes were traded, down 18.8 per cent and 105 condominium units down 30.9 per cent which includes all properties regardless of style such as semis, townhomes, apartment, detached and so on.
The good news is that values were not lost. The average sales price of all residential sales increased 10.1 per cent to $441,992 year over year. Detached homes sold for an average price of $519,910 for an increase of 5.9 per cent, while the average sale price for an apartment style condominium was $294,787 for an increase of 26.5 per cent. Townhomes and semis sold for an average of $338,191 up 13.4% and $351,233 a 17.3%.
With a continuing low two-month inventory that benefits the seller, the signs seem to be trending to a more balanced market.
The savvy have said and continue to tell us that there is no best time to get involved. It’s always a good time keeping in mind that with the upwards pricing trends now seems to be the best time to shop for a home or an investment property.
Wishing more info or wish to shop, contact Denis at (519) 577-8181, firstname.lastname@example.org. Want to see “Hot New Listings” for nearly all of Ontario, visit http://denispellerin.ca/property-listings