Don’t Wait To Sell – Spring Market is Already Here in the G.T.A.
Almost every year, we would notice a lull in the real estate market in the winter months (Dec, Jan, Feb) and the market would pickup steam with thousands more homes exchanging hands from March through May.
This year, things have been different.
Save two weeks during Christmas time, the market has been crazier than ever. Even more so than the usual spring market boom. There is but one reason for this madness!
For your convenience, I’ve added the statistics for the past 6 years to show you what has been happening in the Market. The chart below shows: 1. Sales 2. New Listings 3. Active Listings 4. Average Price 5. DOM – Days on the Market for Listings.
You may have noticed the number of sales are down from previous years but why then has the price increased in 2017 by so much?
Look closer and you’ll notice since 2012, the number of New Listings have been decreasing year over year. In fact in 2017 we have only 7,388 new listings compared to 12,592 in 2012.
What’s more significant however is the Active Listings. In 2012 we had nearly 15,000 and in 2017 only 5,034. That is 1/3 less than what we had between 2012-2015. We have half the listings from last year’s tally of nearly 10,000. That is why there is such a significant increase in price from 2016 to 2017 of $140,000 whereas we had a more modest yearly increase of $30-$40,000 before.
These are the numbers for January 2017 and we’re expecting February 2017 to look the same! Those numbers will be published in a couple of weeks. However, if you are thinking of down sizing, cashing out and moving out of the GTA, now is a great time to sell!
If you are thinking of moving to London, Guelph, Ottawa, Montreal, Peterborough, etc… We have referral partners we can refer you and help make it a smooth transition.
Let’s talk. Call me if you are thinking of selling in this market!
Jas Jagpal, Broker, 647.272.6629 firstname.lastname@example.org