As we can all attest, the big news so far this year has been this explosive seller’s market. It has become the “norm” for properties to sell substantially over the asking price and to expect multiple offers on almost all listings.
As the research shows, the market is certainly still a seller’s market but signs of slowing have appeared. Properties are now averaging 2.5% over their asking price which is down from 6% just one month ago in May.
Also, we are seeing a slow down in the number of competing situations on properties. This may be a sign that sellers are listing their properties higher, therefore alleviating the multiple offer situation, or there are fewer buyers in the market who are willing to compete.
As it stands, there may be a light at the end of the tunnel for some buyers and I believe sellers are still sitting in a very strong position with the average sale price of homes in Guelph still being up 20% in June compared to June 2020.
As always, never hesitate to reach out with any questions.