MARKET minute with MATT & MELISSA
HEY!
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Unsuprisingly, all January metrics were up vs. the annual lows of December, including sale prices and inventory
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3 weeks into February and thus far, we are seeing a very similar median sale $ for this month ($743,500) as we did in January $742,000. We will see what the rest of the month has in store.
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Out in the market we are seeing some listings starting to hold offers or asking for 48 hours irrevocable. This is working for some who are getting $10-$20k over asking, and not others (who are getting zero offers). It has to be the right property to work.
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Inventory is building up slowly, slower than some expected
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With positive news coming from the latest inflation numbers we could hear a more positive outlook during the next rate announcement which could kick things into a higher gear for the official "Spring Market" that typically starts after March break.
Are Open Houses Overrated?
Many homeowners believe hosting an Open House is a mandatory step in the selling process. However, 2023's market data suggests otherwise. While properties with Open Houses often fetched higher prices, it's not a one-size-fits-all strategy. The decision to host an Open House should be tailored to your unique situation, and there are crucial questions to discuss with your real estate agent.
The effectiveness of an Open House also heavily depends on the current market conditions. A trusted real estate agent can provide valuable insights into whether this strategy suits your sale in the prevailing market.
NOTEWORTHY NEWS
FREE SKATE - March 16th, 10am - 12pm @ Exhibition Arena
Before you put your skates away for the year, come join us for our 2nd Annual Free Community Skate. This year we are hosting at Exhibition Arena. We will have hot beverages, tasty treats and a few raffle prizes to top off the skating fun!
Canada's Inflation rate dropped to 2.9% in January
Which is good news because it's lower than expected (especially since the US inflation actually increased. What does this mean for the housing market? Inflation rates are a key consideration for the Bank of Canada when making decisions about the next interest rate update. This could encourage them to keep the rate stable or perhaps lower it for the first time in almost 4 years (March 2020). Either of these actions is likely to encourage more buyers back to the market, especially those looking to make thier first purchase or upgrade. Investors may hang back for a while yet until more favourable rates are common place.
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Next interest rate announcement: March 6th
This could be the trigger for an injection of activity in the market, or perhaps we are in for just a slow Spring. Stay tuned!
Client Congratulations
CONGRATULATIONS & welcome to the W. Family who were able to snag a gorgeous home in Exhibition Park and will be making the move from the Big City (Toronto) to our somewhat smaller city this Spring! As an added bonus they will soon own a piece of Guelph history as it's claimed that the inventor of the Yukon Gold Potato (a Guelph invention we are VERY proud of) once lived in this very home. We are so very excited to have another great family join our community!!
