Just wanted to talk a little bit about the Summer Market of 2018. I think this summer should look a little better than what we had last summer in terms of pricing and sales volume.
Last Summer was right after the foreign buyer tax was implemented and the market hit a real lull for about 5 months after that. Sales were very low and in the 905 region we saw a real dip in pricing.
Typically we do see a decrease in sales volume and slightly in price in the summer time. There are just less eyes on the properties during that time. The kids are out of school and families go away for the summer. Cottages, weddings, vacations and generally just not thinking about real estate.
I could show you a line graph for the past ten years. Regardless of market conditions you would see that the summer is a down time year after year. Agents also play a role in this as they typically hoard their listings for the fall market. They view this as a down time so the inventory really goes down. Also agents typically go away in the summer as well, so there is a bit of a pause to the rush that you have in the spring.
However this year the Spring market was not what we all expected. There was an assumption that the spring was going to break out as it does every year. Typically May is the peak of that time. However this year in was less than lackluster. Prices didnt come down but sales did and there certainly was a lack of inventory.
Because of the sub par spring I find that a lot of agents are still really hustling, the money wasnt there in the Spring so they are pushing to get more deals done this summer. I predict August to be slow as it always is but I believe July will be a great month. Already we have seen showings pick up and inventory has stayed strong through the first 2 weeks of July.
If your planning to list dont be shy to list in July of this year, you might get more eyes on your property than you might think!