We thought the market was as busy as it could get in May but June kicked it to the curb with 271 sales in our area (compared to 240 in May) having a value in excess of $87 million. The number of sales exceeds the same time last year by more than 22%! The number of new listings also fell substantially creating very tight market conditions in most areas. There were 52 condo sales last month – the highest number we have seen in any month this year.
In Collingwood last month, there were 43 listings and 43 sales. I’m not sure I’ve ever seen that before in my 26 year career. The year-to-date sales to listing ratio sits at 60% which is firmly in sellers’ market territory. Having said that, properties that are priced over market value are languishing on the market as buyers today are sophisticated and not willing to buy at any price if it doesn’t make good financial sense.
Sales are up in all price bands across the part so this has been a great summer for sellers so far but challenging for buyers who have slim pickings and need to act quickly for the best choices. The risk is that buyers are so frustrated, they over-pay and it’s an important reminder to exercise caution and not get carried away.
For sellers, many think they can play the market and ask any price but this is simply not true as mentioned earlier. Yes, it is a wonderful time to sell but you still need to price to the market and present your home in the best light and condition.
It’s tricky for both buyers and sellers to understand and navigate this type of market and it’s more important than ever to have sound, professional advice. I’m always here to help.