We are well into the new year, and we all know what a difference a year can make. Taking a look at how the real estate market started out in 2017 and comparing it to this year – we see some stark differences. But keep in mind that sometimes when we look at the broad picture, we see that the trends aren’t so different after all.
So let’s take a look at what was then and what is now- and I’ll make my best educated guess on what’s to come for the back half of the year, here in our village!
How it all began.
Early last year, the real estate market began to ramp up in the cities around us. We weren’t sure how it would play out in Rockwood. Would we get the strong sellers market that the GTA and surrounding areas were experiencing? Or would we be sheltered from the storm in our little village?
There was no shelter to be found. It seemed to take a bit longer for the buyers to find Rockwood, but in March things really began to become active. Buyers found our village irresistible and bought nearly everything in the blink of an eye.
By May, Rockwoodians began to catch on and look for opportunity – we saw 15 new listings in May alone, whereas from Jan-March we only saw 15 in total. People were ready to take advantage of the market and get that desired summer close!
We saw median sale prices hover around the 600K mark, and the number of sales hit their highest mark in April and May. Each of those months both saw 10 sales, whereas from Jan-March there were only 9 in total for all 3 months combined. Homes were being listed and selling – sometimes before the sign went up on the property! We had a hot little market going here in Rockwood.
Where is it going?
Now let’s skip forward to this year… what do you think? Did our market crash? Is it a buyers market in Rockwood this year?
Well, to start off 2018, there were 12 active listings – and with only a couple of sales in January, our inventory began to grow. I saw a steady number of active listings and a steady number of sales. The listings this year came at twice the speed of the sales. So, as I predicted in my blog earlier this year, there are options and homes for buyers to choose from in Rockwood.
At the beginning of this year, the days on market weren’t looking too good going into the spring, with the average being nearly 40 days. We were sitting with 4 months worth of inventory.
The talk around the water cooler about how hot the spring market was going to be was mixed! Would the market heat up? Where would the buyers come from? Would we see similar things that we saw last year?
We had that late season ice storm, the weather was cool well into the spring… and the market did begin to sizzle, but not in the same way that it did last year. People were buying, days on market sat around 20, and the months of inventory stayed below 6. Our market is still strong here, it’s just not as crazy as last year. The storm seems to have settled.
As I mentioned earlier, there was a great increase in new listings – May alone saw nearly 30. But, on the flip side, we saw homes starting to move, with more sales in April and May than we did in the 3 previous months. Days on market are nearly cut in half – things are looking pretty good right now in Rockwood!
This year has been interesting to look at in comparison to last year. Moving into the later half of the year, I think we will likely see the number of listings over the summer settle down – with the next influx coming in September. My guess is that we’ll settle into a balanced market.
Keep your eyes open for my next blog, where I look back at the 5 year trend of the Rockwood market to see how the market has changed!