June Real Estate Report
Market activity for the month of May 2010
| | | | | | |
| April | Change from | Mar to Apr 2010 | May | Change from | Apr to May 2010 |
Listings | 3,884 | +156 | +4.0% | 3,670 | -214 | -5.5% |
Sales | 1,740 | +169 | +9.7% | 1,682 | -58 | -3.3% |
Average Sale price | $319,573 | -$872 | -0.2% | $319,555 | -$18 | ->0.01% |
House | $385,359 | -$3,114 | -0.8% | $390,583 | +$5,224 | +1.3% |
Condo | $253,788 | +$1,372 | +0.5% | $248,526 | -$5262 | -2.0% |
What do these statistics tell us?
To my eye this would tell me that we have entered a stable market, without the wild fluctuations that have dominated in the last while. In my opinion fluctuations are caused by a lack of confidence in the market.
What caused the lack of confidence? A few factors:
1) Uncertainty surrounding new mortgage rules.
2) The bank of Canada raising interest rates.
3) Economic turmoil in Europe.
Buyers are looking for some confidence to assure them that the purchase they make today could not be bought next month for less.
If you are looking to sell your property you are looking to get the most return on your investment.
With the returning confidence, both buyers and sellers can go about the market place with more security.
In the next while buyers need to keep their eyes open and be prepared to jump on that property that calls to you, as the competition may not be as fierce as in the past, it will always be there.
As for sellers that have been on the market through the last month, hang in there, as the market continues to stabilize and confidence returns so will the buyers and the sale.