Traditionally the spring market (March, April, May & June) is the busiest market of the year, and this year is no different. We have seen an increase in sales compared to earlier this year. The difference with this spring compared to previous springs, is that almost every day there are 3 listings to every 1 sale. We are seeing supply increase.
My concern for sellers is that we have a large supply going into a summer market when it naturally slows down. Sellers need to price sharper than ever to get sold before summer. I especially see this with condos and the prices are starting to reflect that. As I said earlier this year, the condo market is six months behind the detached market, and prices are still decreasing making it the time to buy.
Adding to the inventory are a number of pre-sales completing this summer, which is great news for buyers. There will be excellent buying opportunities for first time buyers and investors during the dog days of summer, around August.
Let me know if you are thinking of buying and would like to receive updates on listings in your preferred areas, or if you have any other questions on the market.
Mark Hammer PREC*
RE/MAX Crest Realty