Market Analysis for January, 2018
As of the date of writing, Brampton’s inventory of homes for sale is sitting around 1150. This is a comfortable level, especially when you compare it to January 2017, when we only had 350 homes on the market! Having a greater supply of homes to meet demand reduces the upward pressure on prices.
The sales-to-listings ratio, which generally indicates a buyer’s or seller’s market, had dropped to an acceptable 49% at the end of 2017. This would normally signal a balanced market, just like the increased inventory mentioned above. However, prices are still very high.
One hint that tells us prices are higher than actual value is the number of price reductions on listings. There have been more reductions lately, which suggests that initial listing prices are staying artificially high, while actual market values have fallen somewhat.
The spring market has not arrived yet, and it’s not clear whether it will start at the end of January as it normally does, or be delayed. If we have a delayed start to the spring market, then it will also be likely that the gentle downward trend of prices will continue.
Want to know more about the state of the market? Just ask me, I'll be happy to help.