Nicer suites priced accurately are selling quickly and overpriced listings are sitting, business as usual downtown. It took me a long time to concede that staging is worth the cost but I’m now a believer. Time after time I see Buyers enter suites which are tastefully decorated and be more interested than equivalent empty suites. Buying is an emotional process of deciding which suite they like the best and then negotiating a fair price. Clients walk into a suite and try and imagine themselves living there. If the suite is spotless, attractively painted, nice furniture, cool music playing and even smells good… it all influences the Buyers perception of the suite. The floorplan can rarely be improved for a reasonable cost so you have to consider it a blank canvas. As an owner, take pride in your home and consider furniture part of your investment. Tasteful isn’t necessarily expensive. Try not to block any natural light coming in, declutter the whole suite, clear your kitchen countertops, even empty most of your closets to give the impression of ample storage space. A nice painting is worth more than a blank canvas.
The median price for April was $380,000 from the previous month’s $370,000. The average number of days on market for the month was down to 26 days from 27.
Prices are the highest they’ve ever been, the demand is still stronger than the supply and there’s lot’s of turnover. I wish journalists who are predicting a market crash would say what month they expect it to start. Having an open ended prediction that simply states prices are going to fall isn’t very helpful. When they’re challenged as being incorrect they can always just say it will happen next month… I guess that way they never would have to admit they’re wrong, only that it’s about to happen. The demand has been so strong and consistent, it’s hard to imagine it evaporating. I do expect new construction demand to greatly decrease but that’s not part of the listing to sales ratio or resale median price index. If new construction demand stops… then the developers will cancel or delay their upcoming projects. I think that would be healthy for the market and won’t impact resale prices.
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*Graphs apply to most recent C01 district data.