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Arefin Ahasan

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Cell: 902.978.2912
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Greg Lipton

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Cell: (902) 394-1393
Email: Send Greg An Email

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Ken Smallwood

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Phone: (902)393.1634
Email: Send Ken An Email

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How is the Market?

This is the question that all Realtors® hear every day. It is not a question with a one line answer. You really have to look at each and every sales area in P.E.I. Take area number 7 , Stratford, for instance. Year to date, statistically speaking, there have been 239 listings of which 110 have sold. This is a 46% listings to sales ratio with the average sale price at $237,686. Compare the same area to last year at this time there were 237 listings with 127 sales that makes a listings to sales ratio of 53% with the average sale price at $222,687. So, what that tells us is that there are fewer sales but at a higher sale price.   Now let’s look at area number 5, Sherwood, East Royalty, Hillsborough, Parkdale. Year to date there have  been 157 with 82 sales equaling 52% listings to sales ratio with the average price at $168,767 compared to last year with 153 listings with 85 sales equaling 56% listings to sales ratio with the average price at $178,237. This area looks like it is selling homes up to $10,000 less than last year.

How’s the market. From the above statistics, I can only say that it is a balanced market. It seems that buyers may have the advantage as rates are low and the sellers are motivated. Buyers should get themselves a good Realtor® to help them find the right home and get the absolute best price before the mortgage rates go up. Sellers need to assess how much their homes are really worth on the market today. Your Realtor® will help with a comparative market analysis. Listen to your Realtor® when he tells you what the right listing price should be. You may think that your property is worth more but if you list too high, you will not get the showings you need to bring an offer.

In conclusion, this is the time to list your property and to purchase a property, before the snow flies and while the banks are still in a lending mood. This is a balanced market.