Today's Real Estate Market - 2020 Update

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The end of February is often the busiest time in the real estate market in Oakville and Burlington, but this year we are seeing days when new listings on the Hot Sheet are down to single digits.

 

It would appear that the number of listings in the GTA is down about 25%. This lack of supply is causing buyers to move quickly on good homes that come up for sale. These homes are selling fast, and are selling well (at, or a little bit above list price). Today's Sellers are getting more than one offer to consider.

 

This is good news for Sellers who have had more than two years of lackluster buyer engagement. Interesting to note though, Buyers are not going crazy with their offers. Their Realtor is providing them with the comparable sales information that allows them to make offers that reflect the value of that home. Sometimes they are over the list price, but not crazy. Just enough to get the home.

 

There is a certain segment of the market (single detached homes or townhouses under $1,000,000) that is HOT. These are the stories we all hear about - you know, "19 offers on Offer Night"!!! In the Oakville and Burlington areas, these are often the 'entry level' homes for say, young families stepping up from a condo. Yet, while the Seller may get over list, generally speaking sellers are not getting the crazy numbers that were happening in 2017.

 

The Stress Test and the other changes the banks have implemented continue to have an effect on the market. There is always the risk that the home will not 'appraise' out so one has to be careful about overpaying. Bank appraisals have never been more nerve-wracking!

 

Looking forward to the next few months - the economies in both the US and in Canada are strong. There are a couple of worrisome issues niggling the markets (viruses and demonstrations come to mind) but otherwise the real estate market is starting off well in 2020. It is only the 3rd week in February, so fingers crossed.

 

The Robertson Kadwell Group takes the MLS data and breaks it down into statistics for many of the Oakville Burlington neighbourhoods. We think it is important to be up-to-date on the statistics, and we share this information with our clients. Your home is one of the most important investments in your portfolio. Call Nancy 905 334 9422 or Andrew 905 399 8183 if you want more information.

 

ROBERTSON KADWELL:

Sotheby’s International Realty Canada

125 Lakeshore Rd. East Suite 200, Oakville, L6J 1H3

 

t 905.334.9422

f 905.844.1747

 

Sotheby’s International Realty Canada

www.sothebysrealty.ca

 

Sotheby’s International Realty

www.sothebysrealty.com

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