TREB reported an increase in home sales in November 2016. The result represented a 16.5 per cent increase compared to November 2015. The strongest annual rates of sales growth were recorded in the townhouse and condominum apartment segments.
Despite the higher sales number, many potential home buyers continued to be frustrated by the lack of inventory. The low inventory has pushed the prices up in November 2016 as well. The average selling price was up by 22.7 per cent on a year-over-year basis, amounting to $776,684.
November has continued the theme that we have had for years. "A sellers market with a shortage of product is causing prices to rise".
Most of our buyers have something to sell and want to have an agreement in hand before they move ahead. We are finding them product and sometimes the price is higher than they want but on the other end and with cooperation from them, we have been able to get them excellent prices.
Sotheby's world-wide marketing, and hi-definition presentation is a huge tool in the digital world and we are finding that preparation of the property for sale is paramount.
Due to the shortage of listings for residential properties the trend for those buyers being pushed towards condo townhouses and condos is strongly reflected in the published November sales. We hope the Spring market brings more product for the frustrated buyers out there.