There has been a big increase in the number of homes that went to market in February New inventory jumped 52% from January. With that, we saw over asking prices soften slightly but still remain competitive. On average homes were selling 15 per cent OVER the listing price during the month of January and homes are still receiving multiple offers in this competitive market. However, more inventory hitting the market has allowed buyers more choice to leverage their buying power.
According to TREB " February home sales were down compared to the all-time record in 2021, but represented the second-best result for the month of February in history. New listings dropped, but by a marginally lesser annual rate than sales, pointing to a modest move to a slightly more balanced market. Competition between buyers, however, remained tight enough to support double-digit price growth year-over-year."
Click the link below to check out the full breakdown of what happened in Milton real estate market for February 2022.
Whether you are considering selling, refinancing or just staying put in your home, now is the time to get a home evaluation! CLICK HERE to set up a FREE home evaluation to find out how much your home is worth in today’s market.
A real estate market never heads in just one direction. Several key factors can drastically influence the direction of the market including mortgage interest rates, employment levels/growth, investment growth, immigration and development. These factors can influence whether we are it is a buyer’s market or a seller’s market .
A buyer’s market exists when there are significantly more homes for sale than there are buyers. The typical end results in a drop in median sale prices over time as homeowners adjust their expectations to the current market conditions.
A seller’s market typically exists when interest rates are low are there are plenty of qualified buyers and not as many homes for sale. Buyers must react quickly and often face multiple offer situations. Prices generally rise under these circumstances.
Looking to buy? Have a look at current listings . Questions about the February 2022 Market Data? Reach out to us at homes@Flowersteam.ca .
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