In all of our South Etobicoke communities, prices are up from where they were one year ago but off of the price highs of the first quarter. The volume of homes that SOLD in July was down 40% from one year ago even though there’s plenty of inventory of homes on the market. So what’s really happening?
Sellers – Homes that are priced for today’s reality are selling however, on average they are taking longer to sell. There are more conditional sales with both financing and home inspections included in the offers. Sellers that are still holding to the higher Q1 prices are seeing their homes sit on the market with few showings. Many of the sellers that aren’t motivated to sell at todays prices, are taking their homes off the market.
Buyers-How times have changed. They now have an opportunity to negotiate terms in their purchase of their home. There’s more selection and better prices than we’ve seen for a while. Most homes are accepting offers anytime so often you are not competing with other buyers for a property. A great time to be a buyer!
Here’s a look at how prices compare to one year ago. In some neighbourhoods there were so few homes that SOLD in July, the average price may be skewed from what we’ll expect in coming months.