No real surprises in the market, approximately the same number of sales as last February, 5,025, with approximately the same number of listings, 13,284, which is less than 3 listings for every sale, making it an overall “sellers” market as buyers have few choices when purchasing a home.
While this is an average number, the reality is that homes over $1,000,000 are experiencing a balanced or even a buyer’s market depending on location. A balanced market is where there are 4-6 homes available for every sale and a buyer’s market is where there are over 6 homes available for every sale.
This dichotomy has been brought about by the government’s mandated mortgage stress test which has left some buyers on the sidelines who have struggled to qualify for the type of home they want to buy. The good news is that government long term bonds are now offering lower returns, an indication that interest rates may drop in 2019.
There is “feeling” and “reality”. The average “feeling” is that the market is bad and no one is buying homes. That impression has been brought about the media who is always sensationalizing to sell advertising. The “reality” is that over 9,000 homes sold in the first 2 months of the year, despite awful winter conditions, an indication of peoples willingness and desire to own their own home. In February almost 1,200 homes sold over $1,000,000 with 165 selling over $2,000,000. There is a market and an opportunity!
As the old saying goes, “he who hesitates is lost.” There are great opportunities in this market, and I believe those who are purchasing now will be the winners as prices are bound to increase as they always have.
Give me a call, lets chat. When prices increase, the more expensive homes go up more, so this market is a great time to upgrade your home!
Have a great month,