Holiday Buys and New Year Confidence

Market Update

Holiday Buys and New Year Confidence

There was a quiet but steady stream of Buyers taking action in December 2018, 44 sales in Aurora paying a median price of $$806,500 and the average price was $936,741 for all home types.  There were 194 homes remaining for sale to start the 2019 new year and 56 homes were placed for sale in December.  At the current rate of home purchasing there was only 4.5 months of inventory available and sales to new listings ratio of 35.9% favouring Buyer’s with more selection but that number hovers very close to the balanced market model.   Seller’s yielded about 96 per cent on average of their asking price and the reported time to sell was tracked at 46 days.  At the end of November there were 301 homes remaining for sale so supply is far lower currently month over month making now a great time to stand out for sale no matter that it may be a winter wonderland outdoors.

With the Bank of Canada announcing on January 9th, 2019 there won’t be a rate hike for now to the current key interest rate of 0.75 per cent it’s indeed a happier start to the new year.  This news may improve consumer confidence to take home buying action well before Spring on purchasing in Aurora and beyond.  Lenders are expected to continue to be stricter with their consumer qualifying guidelines but more products and services are continually being introduced for Buyers and Sellers to solve challenges faced.  Consult a couple of lenders to discuss your options well before taking action to sell or buy your next home.

Call a REALTOR®️ today to provide you with an understanding of the local market and comparable market value trends.

-written by Connie Power

Connie Power is the Assistant Manager CNE® SRS® ABR® SRES®, Mentors and Develops New Real Estate Sales Representatives for RE/MAX Hallmark York Group Realty Ltd.,  Brokerage serving York region and beyond in the Greater Toronto Area (GTA).
Empowering you in Real Estate, Call Connie today to make an appointment to discuss your next move at (905) 726-0856.

*The statistics provided herein were obtained from the Toronto Real Estate Board; Market Watch December 2018 Summary of Existing Home TransactionsRegional Housing Market Tables; York Region, Aurora for November of 2017, 2018 and the Summary of Existing Home Transactions of all home types, November 2018 for all TREB Areas.

***Not intended to solicit those currently under a real estate contract.