Market Update January 2020

Here is your market update for January 2020. Wowzers, has the housing market been on fire this fall! I’ve witnessed all property types in the New Tecumseth area increase in price and sell for close to the asking price rather quickly. The Toronto Real Estate Board has been reporting there is a decrease in homes available compared to last year with still a lot of buyers, so it has indeed heated things up!

The latest stats have reported the average price in New Tecumseth to be $619,403, with homes sitting on the market for an average of 42 days. The average selling price has been a solid 97% of asking prices. There have been 155 active listings in the area with 72 of them being new.

So, what’s anticipated to happen for 2020? Well, my fantastic mortgage broker Massimo DeLuca has let me know interest rates are projected to rise slightly this year. What does it mean if this happens? Traditionally it means the market will cool so to speak, sometimes even driving down prices. But I don’t think this will happen. There is just too much demand still. So, I’m predicting it will just help prices level out for a little while.

For all of your real estate needs, contact me today. Let me help you put down roots in our beautiful community.