Free weekend alert. If you think your inner clock is out of whack, you are right. The holiday gods are making up for that ridiculously early Easter and giving us an extra week of summer. The real estate market woke up to this realization last week as well. After a quick uptick in listings and activity the market backed off to traditional summer levels. Our feeling is that there are a lot of last-minute trip takers out there doing their best to squeeze out a few more summer days.
Take for example the freehold sector. After a 10% jump in listings two weeks ago levels went down 20.7% last week. It is interesting to note however that sales across the downtown core jumped almost 40%. With large discrepancies in listing to sales the core is eating away at existing inventories which could create bigger demand in the fall. A further indicator of market strength is the number of sales at or above the list price. While dipping down from the previous week we are still at a healthy 55% for this reporting period.
In the condominium sector new listings have remained relatively unchanged over the last week while sales are down a little over 10% (from 200 units to 181 units). Sales at or above the list price are currently at 16.6% which is a solid indicator that the condo market is trading well. In the central core we noted a significant increase in luxury condos coming to market last week while there was a decline in number of mid-priced listings ($400k to $700k).
Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Jordan, Ontario since 1928. We have four centrally located offices and over 240 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately report on the true temperature of the real estate market.