The updated market snapshot for December 2018 tells us that oversupply continues to prevail.
Prices were down by 1% for Dec18 over Nov18 and by more than 3% for Dec18 over Dec17.
“Persistent weakness in the job market and changes in the lending market impacted sales activity in the resale market this year,” said CREB® chief economist Ann-Marie Lurie.
So what does this mean?
Sellers - is it worth it to sell? What if your circumstances dictate that you 'must sell'? With more than 16,000 units selling in 2018 - this means there is still a lot of activity happening in the market. It's a 14% drop in volume, but if you closely review and discuss the market data that your agent provides - and be realistic about it - you're likely to experience a successful sale. Correct pricing and patience is the name of the game right now. It's anyone's guess what the spring market holds as far as activity, pricing and volume. Traditionally, this is considered the most active time of the year. Keep in mind though, as buyer activity increases, so does your competition as a seller.
Want to have a good chat about your pricing and property value?
Reach out and let us know - a recent listing WENT IN COMPETITION AND SOLD OVER LIST.