January sales were much higher than the number recorded in January 2013 and 7% more than the 10 year January average. How does this indicate a balanced market? In addition to stable real estate prices, it's because the total # of active listings, when compared to the number of sales is about 14% - a number indicative of a balanced market. The lower the %, the more it favours buyers (fewer sales compared to the # of active listings) and the higher favours sellers. This balanced trend is fairly consistent across the various sub-markets. West End 1 bedroom condos, for example, have a ratio of 13% and for Kits 1/2 duplexes, the ratio is slightly more favourable to sellers at 17%. What does this mean for you if you're considering selling? Your list price must reflect current market conditions - this isn't the time to 'test the market' if you're serious about selling.
Real Estate Matters Blog