The first week of the fall market has been an active one! Many great new listings across the board. Homes, condos, lofts, you name it. It appears buyers have also come back, which isn’t a surprise given how active the last week of August was and the general theory that the market has been on hold until the fall. I am seeing new quality listings that aren’t holding back offers, getting an offer Day 1 or 2 on the market.
At first glance, this week didn’t start out so well if you are a home owner. Reported on Tuesday were August’s sales numbers, which were down substantially from last year. In addition, the BOC surprised the market and raised interest rates again. Both items negative for home prices. Although digging into the sales numbers, it appears the market is becoming more balanced as the sales-to-new-listings ratio has started to climb again. This is good news for a more balanced market.
Condos remain hot, up 21%, which I am a little concerned about. Condos, semi-detached houses and townhomes are driving price gains because they are more affordable compared to detached homes. Rationally speaking, condo and townhouse gaines should normalize as buyers expectations change and they move back into freehold homes.
A confluence of factors continue to swirl, giving credence to many opinions. Very early on, the market appears to be picking back up.
-Nick, Sept. 8/2017
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