No doubt you have heard or read about the collapse of the real estate market from newspapers, national news and perhaps other media sources. As your local realtors with 'boots on the ground' we see things a little differently and often many months before the statistics are out. This area continues to be a Sellers Market. Let me summarize and say we are happy to report, the real estate market is alive and well. By the numbers, in the first quarter, the total sales volume and unit sales are down -31%. Perhaps a shocking number to some, but this is compared to the first quarter of 2017 when records across our area and across Canada were set. The average sale price has risen 12% to $505,125.00 but I think that's a tad off as the numbers in one quarter don't provide enough data. New listings were down 9 -10% compared to 2017 which may explain why we are still seeing multiple offers in many transactions and over asking price sales however, these situations tend to be in the $350,000 - $550,000 price range. On average, the list-to-sale price ratio during 2017 crazy market was a whopping 105% above asking price! In 2018 the list price and sale price ratio is now at 99.7% of the asking price. Still strong but now edging towards a more modest number. As we edge closer to summer, I expect we will see more listings which provides more choice for the consumer and should help level things out to a more modest number later in the year. Stay tuned!
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City Of Guelph: