The dog days of August are upon us. The weather is finally hot, hot, hot and sipping drinks on a patio is where we all want to be. Listings are slowing down but last week sales were slightly up by 8%. There was a significant increase in open house traffic last weekend and agents are seeing more appointments being booked on their listings. Stories around the office of properties that had 9, 16 and 18 offers this week got everyone all talking. Is pricing low to generate offers the way to go?
Some agents believe to list with an asking price close to market value and accept offers anytime and some believe to list low and set a date for offers. The latter seems to be happening again. It’s too soon to tell if a flurry of sales signals a trend that some buyers simply need to move on with their lives.
The July resale housing market figures were just released for the GTA, and results show we were down 40.4% in sales on a year-over-year basis and listings were up slightly (5%) above last year. The average selling price for all home types combined was up by 5% from 2016 to $746,218. Sumer market statistics are often not the best indicators of housing market conditions. “Clearly, the year-over-year decline we experienced in July had more to do with psychology, with would-be home buyers on the sidelines waiting to see how market conditions evolve.”, said Mr. Syrianos, TREB president.