This week we had to order three extra bottles of water for the water cooler as it seemed everyone was spending an inordinate amount of time chatting about what to do next in real estate. We watched as the listings went down before the long weekend and as expected that resulted in lower sales last week. And as is typical after a long weekend the numbers of new listings jumped substantially thereafter. The trend we have been watching carefully is the number of sales that are occurring above their listed price. In both the condo and freehold market that number has dropped below 50% and perhaps the most surprising thing is that more condos (49%) sold above their list price than freehold properties (48%). The other common refrain we hear is that the Sellers are hoping to wait out the hesitant Buyers by holding off their listings until the fall market arrives in September. We seemed to have misplaced our crystal ball (might have left it by the water cooler) so are unable at this time to decide if waiting for the Fall market will be the winning strategy.
The Freehold market saw an expected decline in sales during the week after the May ‘24’ long weekend. It was a larger drop than we have witnessed after other long weekends with sales falling 49% to 94 sales from the previous week. This is the lowest number we have witnessed in a week since the beginning of the Spring market. Listings also followed the predictable post-long weekend pattern surging 52% to 406 form 266 in the previous week. This number is in line with the weekly inventory we have been seeing all Spring.
The condo market followed a similar pattern with sales dropping 28% to 133 from 185 the week before. Listings climbed with 41 new units on the market for a total of 380 new listings, up 12% from the previous week. The bulk of new listings came out in the downtown core and were in the $400-700,000 range. There has been some interesting press this week about the city pushing for more large family friendly condos to be built and we will watch this news carefully in the coming months.