September sales - 8,200 units compared with 6,500 in September of '08 - confirmed that we will enjoy a strong Fall Market. Early indications for October confirm about 7,500 sales versus only 5,100 a year ago in October. No doubt that October last year was the start of the steep down turn in the condo market.
The other trend that people over look is the Seasonality Factor. Historically, sales in October and September are always very close. the drop off occurs in November. But remember that sales levels in these months are usually 35% lower than the peak Spring months of may and June.
So for frustrated buyers who would like to reduce the number of multiple offerr scenerios, your time will come, Try the latter half of November and focus on December. We have an unusual low number of listings, so sellers can still get into the market and not have to worry about their property sitting there until spring. Not a bad market for all participants.
So when do we see a change? Not much will happen until two shoes drop. First will the Feds raise interest rates as they promised to review next June? Secondly, what will be the impact of the HST? It is coming - in some form for June 30 as well.
But that is a subject for another blog.