The Pickering Real Estate market saw new listings surge by a remarkable 59% compared to September of last year. After years of the market being drastically undersupplied, who benefits the most from this sudden surge in housing inventory?
Understanding the Pickering Real Estate Surge
The recent surge in housing inventory has sparked excitement among from prospective home buyers looking to purchase some Pickering Real Estate. It's tough to pin down just why there was such a pronounced surge has taken place because September is usually quite busy in terms of homes for sale in Pickering; but almost never this busy. Median prices are down 4.7% compared to last month which is astonishing.
As I write this, Pickering is teeming with new opportunities for those looking to put down roots in the greatest city in Durham region. While some sellers that are having to drop their prices, I am seeing the odd bidding war but it's always for a fully-updated, high curb appeal listing.
All in all, it's a mixed bag out there right now.
Pickering Year-Over-Year Change
Sept. ;23 Sales
Sept. '23 Avg. Price
Sept. '23 New Listings
Month | # Of Sales | Avg. Price | Median Price |
|---|---|---|---|
Apr. 23 | 108 | $1,056,284 | $1,004,950 |
May. 23 | 145 | $1,077,996 | $995,000 |
Jun. 23 | 125 | $1,128,559 | $1,015,500 |
Jul. 23 | 108 | $1,029,111 | $952,500 |
Aug. 23 | 97 | $1,035,231 | $955,000 |
Sept. 23 | 77 | $973,581 | $910,000 |
For Home Buyers: A Wider Array of Choices
For all you prospective buyers, this surge works in your favor!
With an expanded inventory to select from, you now have more choice than ever before. Even better, because bidding wars are few and far between you're able to take some time to consider your options before making an offer, you now have leverage in negotiations and can insert clauses to protect you that weren't 'a thing' during the bidding war era we experienced recently.
For Home Sellers: Pricing Is Paramount
For home sellers, the surge in inventory makes it more difficult to stand out.
It's like this: imagine you're at dance with 10 boys and only 3 girls. It will be easy for girls to find a dance partner in this case. The girls will be very discerning with who they elect to dance with because they have so much choice.
This past September was like a busload of 20 girls got dropped off at the dance and threw off everything. Now Seller's are encouraging offers with financing and home inspection conditions when a few months ago they would scoff at the idea.
Currently, in order to get your home noticed in this market you need to be priced appropriately. There's no question about it.
Price it well and you'll get showings and offers. Price it too aggressively and you'll be in for a long, arduous process.
As the gap between sales and new listings widens, that creates downward pressure on price. If this persists, expect prices to subside into q4 of 2023.
The Road Ahead: For Pickering and Beyond
One month does not make a trend. That being said, it will take a few months for the surge in inventory be absorbed so I'm going to be paying close attention to the number of new listings going forward.
If inventory levels continue to grow (as I suspect they will), expect prices to adjust downward accordingly.
Your Trusted Pickering Real Estate Partner
I want you to move to the Durham Region just like I did in 2016.
Whether you're a buyer or seller, I'm dedicated to providing expert guidance and support throughout your real estate journey.
Connect with me today to keep up to date with the real estate market in Pickering and the GTA as a whole.
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