17 Aug Market Notes: Dog Days of Summer
The dog days of summer continue take hold as buyers and sellers continue to focus on vacation and uncertainty. Having said that, this week did pick-up a bit in terms of new listings. This may be inline with the strategy of listing your home in late August before the flood of new listings come in September. If so, we should see more quality listings next week.
There are still lots of buyers for well priced properties. This week I watched a listing on Osler, listed for $750K, sell firm 2 days on the market. In fact and unsurprisingly, a condo at 533 Richmond St. W just received multiple offers, 1 day on the market, and sold for well above asking. A great townhome on Clinton is almost gone as well. Homes over a million are moving as well; a home in the east end “The Pocket” sold for $60K over asking, day 1 on the market. Anecdotally, I am hearing from other agents that they are also starting to field more calls and seeing clients become more aggressive again.
At the end of the day, I believe we have hit the top of the credit-cycle and for now this is still a pick’em market. Moving forward, I expect a competitive market to return downtown, but with more moderate appreciation year-over-year. I do not expect sustained negative momentum.