… And so has the spring real estate market

14 Day Spring Market Snapshot

Spring has sprung and just like the flowers in the garden the sold signs are popping up everywhere.

In the last 14 days 28 properties have sold firm in Uxbridge with an average sale price of $846,640.

While 6 homes sold under their list price another 20 homes sold over the listed asking price and 2 sold for the asking price.

The good news for sellers is on average they sold for $40,825 more than their average list price of $805,814. Unfortunately it’s bad news for buyers who were hoping the influx of new listings would see a reduction in the sales prices.

April Showers Bring May Flowers

This gardening quote can also be applied to the real estate market as seen in the chart below.

Traditionally the spring brings good news for home buyers as the number of new listings begins to rise.

With the number of new listings peaking in May the gap between sales and new listings generally widens.

Due to the ever decreasing number of homes available (active listings) this year paints a different story. While the gap between new listings and sales is widening the overall number of active listings continues to decline.

The big question every one has is …. Will this continue after the recent Provincial Government announcements, Including the foreign buyers tax, that many hope will put a damper on rising home prices?