This is one smokinnnnnnnnnn real estate market!!!

Have a look at the numbers in the table below and you`ll see what I mean. The listings are coming on the market in great numbers, selling in great numbers, and we remain firmly entrenched in one of the strongest SELLER MARKETS in history!

The strongest segment of the market is below $375,000, an indication that sales are being driven by first-time buyers, and maybe a small does of move-up buyers getting out of condo`s while rates are low and conditions are improving in the economy.

Multiple offers are still the norm, underpricing is still the norm, and shortage of good inventory is still a problem. Time to sell – Call me 905-208-7002

ps – The weekly reports will be returning in the previous format shortly; our new service provider couldn`t work some issues out with the MLS, so it`s back to me doing the weekly overviews.

I have created a new format for the information, as there is an expanded amount of information available to me now. Through the MLS, we are now able to track the number of new listings that came on the market in a given time period, which we weren’t able to do in the past.

What this has allowed me to do is to show you how the market is trending in a much more complete picture, as you will see in the table below.

This time, I am only going to provide you with one table, as the new format will mean that all new graphs will need to be created, so that will begin with the next issue of the update.

You will note that there is a new column in the chart – ‘New Listings During Period‘ – this is the piece of information that was missing, and the one that completes the picture to a truly accurate overview of how the market is going. I have also re-named some columns, for ease of understanding.

My comments appear below the chart.

As you can see from the chart, the ‘Sold Ratio‘ is determined by adding the columns for ‘Active Listings’ & ‘New Listings During Period’, thus allowing the Sold Ratio to be drawn from all properties that Buyer’s had available to them during this period. Overall, this shows that, if your house was on the market during this time period, you had a 41.2% chance of it selling. That is pretty darned good!

In fact, according to the experts, any time you have more than a 15% chance of your house selling in any given month, we are in a Seller’s Market!

You can see that there was a good amount of activity across the price ranges, however, I feel it is my duty to advise that the properties that are selling for more than the list price are not a reflection of a market gone crazy, but they are a reflection of the poor marketing tactics used by some agents. A house selling over list price does not mean that there were multiple offers, nor does it mean that the sellers got the best price for their house. In fact, some companies are currently creating an atmosphere that prevents multiple offers, not only by their pricing strategies but also by their ineffectiveness at making a property available for showings, guiding their sellers in negotiations, etc. Professional courtesy (on my part) precludes me from saying more here, however you can ask many local agents and they will explain what I am talking about.

This will be an interesting market for the next few months, for sure, as people try to get their purchases closed before the HST comes into effect. Don’t miss the boat – if you are planning on selling, give me a call today at 905-878-4444.

‘Tis the season to be jolly, fa-la-la-la-la-la-la-la.

This is such a fun time to be in the real estate business in Milton! I say that because homeowners now, almost more than ever, need a local expert who knows what is really going on in the market in order to maximize the value that they have in their house.

What you as a homeowner do not need is someone who wants to make themselves look good by listing the house too low and hoping for multiple offers. Sure, multiple offers can be a good thing. However, they can also be a not-good thing. Might you want to know why pricing low is not necessarily in your best interests? Call me and we’ll sit down together and talk about it.

Meanwhile, here’s this week’s Total Market Overview:

I think of my friends in real estate in the USA, and how they would love to have a market where 25% of the available inventory sells in a week; yes, we are blessed indeed. And yet, even though real estate agents are negotiating record high prices for sellers, and even though a seller listed with an agent will net approximately $10,000 more than when they sell privately, I still see all these private sellers out there. I guess they haven’t been introduced to the idea that they can make more money by listing their house with an agent, and avoid most of the hassles and time-wasting at the same time.

Here’s the Annual Summary Table – scroll up and compare this week and the same week last year:

25% of the available listing inventory compared to last year; 3-times the number of sales compared to last year. Same song as the last few months. Where will it go from here?

Here’s the same information in a graph:

And here’s the Absorption Rate information:

So, based on the information above, if no other homes come on the market, there will be no homes left for sale in a mere 4 weeks! Anytime that number is less than 20 weeks, we are in a Seller’s market; when it is more than 28 weeks, we are in a Buyer’s market.

Here’s the Absorption Rate in a graph:

So, before you see the numbers, do you think we’ve entered the traditional December slowdown period yet? Milton Ontario Real Estate usually slows right down, although far less that in the 1980′s & 1990′s.

Here’s the chart for the Total Market Overview, by price range:

As the chart above reveals, the number of sales has indeed slowed in comparison to the last couple of weeks, and the average price range of activity is much lower. Comparison to the same period last year might tell more of a story?

Nope – the number of listings year-over-year is down by 330 properties, but the number of sales is up by 50%. Not only that, the average price is up by 30%, so I think it is safe to say that milton ontario real estate is still thriving.

But what about the absorption rate?

Obviously, there’s still a pretty dire shortage of listings. It is always interesting to me that whenever there is a shortage of listing, more and more people decide to sell themselves. I give them full credit for trying, I really do. What I don’t understand is why they go and spend $1,000 on one of those companies who does nothing for them, and then in 3 weeks, list with an agent. I don’t understand, from a financial standpoint, why people sell privately when national statistics show that people who use a Realtor sell for an average 11% more. However, it is their right and I respect them for wanting to try it.

Finally, here’s the graph of the Annual Summary of Weekly Numbers: