Tags: March 2018 Oakville real estate results, Oakville real estate stats for March, March 2018 Burlington real estate results, March Burlington sales stats, March 2018 Milton real estate report, March 2018 Mississauga real estate stats, MLS listings, Home searches, Oakville MLS, Oakville Realtor, Team Gonin
STOP COMPARING THIS YEAR TO LAST YEAR!
The MARCH 2018 stats are in, and for the life of me, I cannot figure out why everyone is comparing this year’s real estate results to last year.
We all know that last spring was an EXCEPTIONAL time and not necessarily in a great way. We had over inflated, unrealistic prices which the market simply couldn’t sustain.
SO, of course the Average and Median sale prices are down since then..
We are in a completely different market due to a completely different set of economic fundamentals.
What is nice to know is that we are now in a more NORMAL BALANCED market, and this is something we haven’t seen in a number of years.
Yes, sales are down in 2018, and I think it is a result of TWO THINGS: 1. There are a number of buyers sitting on the sidelines, anticipating that prices may drop further due to all the negative news they hear in the media.
2. Some buyers are having a more difficult time qualifying for a mortgage due to the new OFSI mandated STRESS test which took effect in Jan.
Although sales are down from last year, I track stats for Oakville, Burlington, Milton and Mississauga and ALL cities reported more sales in March than in February, but of course this is because we are now in the SPRING market.
While DEMAND is DOWN, the SUPPLY of homes for sale has increased.
There are many more homes for sale in all FOUR cities, but isn’t that a GREAT THING?
I’M CONFUSED….Don’t buyers LIKE TO HAVE A CHOICE on what to buy and the option to think about the purchase for more than 10 minutes, and to make their purchase conditional upon satisfactory financing and inspection? Personally I think more supply is a FABULOUS thing for BUYERS.
SELLERS on the other hand, with many more homes now on the market, need to ensure they price their home correctly and that their home shows to perfection, otherwise they are just helping to sell other listings.
AND EVERYONE needs to remember that houses are taking much longer to sell now.
As I said above, this is called a NORMAL MARKET!
Here are the actual March 2018residential and condominium real estate results by area for OAKVILLE, BURLINGTON, MILTON and MISSISSAUGA Ontario. Information has been taken from the Toronto Real Estate Board and the OMDREB Regional site (for Burlington).
More than ever it is critical that both buyers and sellers keep informed of the current local real estate market conditions.
Therefore, if you are exploring the idea of buying or selling a home in Oakville, Burlington, Mississauga or Milton, ON, call or text Team Gonin at 647-800-7097 today.
We are here to help.
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