West End Real Estate Agent’s Summer Market Update
Buyer confidence leads to busier market
We have a long list of buyers looking for a house in West End – they just cannot find one! 2020 finished with the lowest number of house sales in more than 2 decades and it’s important to note this isn’t because of a lack of demand but because owners are simply staying put. Those that do come to market are frequently receiving multiple offers. The rising median price (now above $1.1m) is a result of this.
While the stats show apartment prices dipping through 2020 the past few months have seen a strong resurgence in demand. We had a run on all of our available apartments over Christmas and New Years with multiple offers received and again we now have a shortage of listings.
The main apartment buyers have been younger couples and with lower rate and rising rents we are seeing more investors starting to re-emerge.