Friday, 11 October 2013

Sales Continue to Soar

September continued the trend we have seen throughout a good part of the year with sales 48% ahead of September last year. That puts the real estate board activity at 11%
overall ahead of last year. At the same time, the listing inventory continues to decline each month, however, there certainly continues to be a substantial supply of good properties for sale which helps keep prices stable.

As we move into the fall season, activity is expected to slow down some but we predict activity will still continue to be stronger than last year. There appears to be greater consumer confidence which always generates more spending activity. With entry level properties being the most active and interest rates still low, it is expected more first time buyers will venture into purchasing their first home. Even though sale prices have remained stable so far, one has to wonder when we may see real estate prices starting to edge upward. With more sales happening and listing inventory declining, sooner or later we will start to see upward movement. Some are predicting next spring, others say we are more than a year away. Regardless, the good news is prices have remained constant now for quite awhile which has allowed more buyers the opportunity to enter the market.

Courtesy of Cliff Shillington

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