January 2017 Market Update
Sales are down, new listings are down and so is total inventory. On all fronts, we are at the lowest levels in the last ten years. That means that while sales are low, the amount of inventory is still at record lows.
On the frontlines we are seeing some renewed optimism and excitement in our market…and the Real Estate Board’s statistics are beginning to reflect this change. While we had a few months of downward pressure on prices towards the end of last year, we are starting to see the numbers indicate a shift of momentum.
Houses continue to be the weaker element, but there’s real strength in the condo and townhouse markets. We believe that in the next few months we’ll see buyers return in force in the <$1,000,000 price range for condos and townhouses. The house market may take a little bit longer to firm up, but it does appear to be back in an upswing after the swoon of last year.
Right now there appears to be a very real disparity between the price of condos/townhouses (a market that has been strong for some time) and the cost of buying a house. We believe that there are some real bargains to be had in houses in the immediate future…so if you are thinking of upgrading, now could be an optimum opportunity.