Sale volume is the key to what has been going on in our local market. IN a balanced market the Sale-Active listing ratio should be between 0.4 - 0.6, but since May 2008, the volume of sales to listings has been on the decline. Unfortunately due to some very motivated sellers, we have also seen a slight reduction in the average sale price compared to that of 2007. However, the 2008 average price in Newmarket was down by only $264.00 to $339,822 compared to 2007's average for the year of $340,086. When you
consider that 2007 was the all time best year year reported on the Toronto Real Estate Board with 93,193 sales in the GTA, we feel that comparing to 2007 data, today's sales data will of course pale in comparision. How long can you really expect to have "The Best Year" on record???
My recommendation is to do what makes sense in your life NOW. If you already own a home and need to sell it to upsize... then don't wait. Yes homes that you might buy may come down in price, but so will your home... And first time buyers, get out there while the mortgage rates are still great! You are the ones that fuel this market. If more first timers start buying then we can have more people upsizing... and up the chain we go.
*All statistics are gathered from the Toronto Real Estate Boards MLS Sold Statisitcs.
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