The market at the moment is reminiscent of how things took off in the spring of 2006. Homes in many price ranges are being sold within hours of listing, at full or above list price with multiple offers. I'm having to update prices on a daily basis as each sale changes things a bit.
This is happening on a national level and seems to be mostly Covid driven, as supply has shrunk to levels not seen in years. The demand is driven by a few different factors, some Covid fatigue, interest rates and a bit of a backlog of buying activity that didn't occur in the last few years due to down markets.
The most likely scenario for this year will be a continuation of these current crazy conditions for a few months, followed by a decrease in buying as the backlog starts to decrease, then a rise in supply as restrictions ease and of course as more people list to try and take advantage of the upswing in the market. Anyone that's been waiting for a better market to sell in, now is the time!
Hope you're having an awesome day!
This months CREB stats report can be accessed by clicking here: