Real Estate Market is Still Hot

If you are thinking of waiting to put an offer in on that cute house you like, but want to wait becuase you think that the prices are going to come down, it's time to get off your butt and make a move.

Homes are selling really well right now, especially the ones that are priced right and show well. This may be a recession, but there are still a lot of people working and with interest rates at hostoric lows, entry level homes are selling like hot cakes.

The sales-listing ratio is climbing again into a balanced market scenario, thus creating urgency for buyers as the inventory of available homes start selling faster.

Prices have declined slightly again, with an April average sale price in Newmarket $327,783, down over 6% from April of 2007 (the Year of the highest average price).

Sales volume is down just slightly from the record setting year for April, with only 8 fewer sales for the month than 2007.

As a general comment on the marketplace, the first time buyer is reaping the rewards of the current economic climate. Delining prices, low interest rates and lots of product to look at. However, those looking to upgrade or downsize are not in a bad position. You may not get exactly what your house was worth this time last year, but the value of the home you are looking at buying isn't likely what it was last year either, in most cases. Overall, if you lose on one end, you'll likely make it up on the other. If your lifestyle requires a change in living arrangements, then don't wait for the market to get hot again to buy or seell, because what you want may not be available, but if it is, I'll bet you it's going to be a lot more expensive.

Newmarket Real Estate Facts:

Lowest Sale for April 2009 Freehold - 3 Bedroom Semi-Detached Bungalow on Longford Dr sold for $162,500.

Highest Sale for April 2009 Freehold - 5 Bedroom Stonehaven home on Lockwood Circle Sold for $737,500.

Personal Note: I was salesperson of the month for Coldwell Banker Southlake Realty for the month of April 2009. Thanks to all my clients that help make that happen!