Believe or not this is good news! The busiest time of year for residential real estate, the Spring Market, is upon us and is off to a healthy start. Inventory levels of all home types are finally starting to rise with over 18,000 homes for sale across the GTA. However, buyers have reacted by getting into the market, with the volume of homes sold up 4% over last year, keeping the Months of Inventory trend to just under two months. Imagine if no more homes were listed for sale we would be sold out of product in just under two months.
The Condo Market has continued to grow with prices and volume of transactions up 6 and 5 percent respectively. Condominiums continue to play an important role in our market due to affordability and allowing first time buyers and investors the benefits of home ownership.
The important number we all like to watch, price and the value of our home. We all want to know how much our homes are worth and appreciating. The good news is that prices are up just over 1.5% this year, a very healthy number considering the swings in the market we recently experienced during the first six months of 2017. Depending on where you live you may have felt this swing more or less than others but we are seeing prices and demand for homes increase in many different areas across the Great Toronto Area.
Whether you are looking to buy or sell or just want to talk real estate, please don’t hesitate to contact me.
Karen
