The media finally reports the “hot market”

As you know, I’ve been doing my best to keep you informed about what is going on in the real estate market locally. It’s been interesting to observe how slow the media has been to report the real story. Only recently the media is reporting the “hot market” and have only recently picked up on the drastic drop in inventory numbers. I just did my mid-month check of the Toronto Real Estate Board stats. Here’s what I found. TREB has reported 4,002 sales so far in October which means this will be another record month; the highest number of sales for any October in history. I guestimate there should be almost 8,500 sales. Pretty exciting stuff! What still is a phenomenon is the lack of numbers of homes for sale. It’s still dropping. Typically (even in a hot market) natural trends cause the inventory to increase by 5 to 10% between August and October. This year the numbers have actually decreased slightly. What’s happening here at our office is that it’s gotten to the point where it’s almost unusual for one of our listings to be sold without multiple bidders. It’s going to be a very interesting fall. There are some amazing opportunities out there for both sellers AND buyers. They key is working with the right agent. That’s where I come in. When you hear of anyone who wants to take advantage of these extraordinary market conditions, please call me right away. Please rest assured I will work hard and give them the “red carpet” treatment.

 

 

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