The Canadian Real Estate Association (CREA) recently released their sales statistics for Ontario for the month of October. New sales records were set, and it looks like we will be maintaining a strong seller's market into the foreseeable future.
There were 20,583 units sold in October 2016. This was an increase of 8.9% from at the previous year. This set the highest October sales figure to date. This is also the first time that more than 20,000 units were sold in Ontario in the month of October.
Provincial home sales were up 9.7% over the first 10 months of 2015. As of October, 216,028 homes have been sold in Ontario in 2016 and the industry is on track to set a new annual record. The provincial average sale price for a home was up 19% from at the previous October. New listings on MLS® was down 2.6% in the same time period. And thus sets in the law of supply and demand. Less homes on the market with a good supply of buyers means that home prices are still on the rise. Active residential listings were down 29.8% over the previous October. Supply is at near record lows.
At the end of October, there was just two months of existing inventory. This was down from 3.2 months from the previous October. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Although conventional thinking would lead people to think they should "wait until Spring" if they are thinking of selling their home, that is not necessarily true in the current marketplace. The market is still strong with buyers, and inventory is down. That all adds up to it being a fantastic time to sell. We in the industry are truly having trouble finding homes for our buyers because of the very limited inventory.
Please give Tracey or I a call if you have any questions about how this market would benefit you in the sale of your home in Oxford County.