Market sales activity for the month of February are in!
Quick recap; the first 5 months of sales activity in 2017 were the craziest anyone had ever seen, with record low inventory levels and elevated sales prices. With the announcement of the Fair Housing Plan in May 2017, Seller FOMO occurred and the market was flooded with an over supply; pushing days on market up and average sales prices down.
You can expect to see the annual averages down until June 2018, which is exactly one year after the much needed regulations came into effect. Now, after the second government policy has come into effect, sales have decreased once more. Whether this is a lasting pattern is still to be seen.
On the flip side, the last 6 months of 2017 saw an average decrease of 10% in homes values BUT, the average sales price for the first 2 months of 2018 is 2.13% higher. Safe to say, we are in a balanced market.
Curious for more stats on your neighbourhood? Call or message us today for a complimentary market evaluation.
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