Market Analysis for June, 2018
May did not bring any radical changes to the market. In fact, the spring market was barely noticeable. Sales are still 28% lower compared to the same period in 2017. (A total of 3347 vs. 4663).
However, the sales-to-listing ratio was a healthy 52% for May, which indicates a balanced buyer/seller market.
As for prices, in the latter part of 2017 we experienced a price drop of between 6% to 9% of value. We have now gained back some of that loss in the first 5 months of 2018.
Compared to the peak of the market in April 2017, prices are still lower today. Freehold town homes are down from an average of $629,000 to $604,000 (4%); condo townhouses are down from $482,000 to $469,000 ($2.7%); semi-detached homes are down from $667,000 to $629,000 (5.7%); and detached homes are down from $871,000 to $811,000 (6.9%).
The only category that stands out is condo apartments, which have not dropped in price at all, but instead kept gaining and are now up 9.4% since the peak last April, from $341,000 to $363,000.
At the time of writing, Brampton had an inventory of 1550 listings, which is enough to prevent bidding wars from driving up prices as they did before.
The question now is whether prices will remain stable over the summer months. Historically, the number of sales usually ramps down from June to September, and prices decrease over that period as well. Stay tuned for further updates during the year.
Want to know more about the state of the market? Just ask me, I'll be happy to help.