- Sales appear to be down 1856 units.
- Our listing inventory in the GTA seems to be down by 5514 homes
- Unit sales typically drop in June and July- we saw the following pattern in 2010 May (9470) June (8442) July (6564) August (6232)
- Average prices also change historically – we saw the following pattern in 2010 April (437,600) May (446,593) June (435,034) July (420,432) August (411,012)
- Year to date, TREB id down 2010 33,110 and 2011 28,652
Observations to Date: of the homes that sold this year, they sell when the owner gets the asking price down to 2% more than the market value.
May is now the last best month if history holds true to sell before we get into the summer months.
It generally takes 10 to 15 appointments to sell a home when the home is priced correctly.
If the listing has not sold in 10 to 15 showings that is a strong indicator that the home is overpriced.
May is PRICE REDUCTION MONTH. Talk to your sellers now to get your listings priced before the summer slow down.
Let’s see if we got this right when the official report comes out tomorrow!