Holly Garby Penney

MARKET UPDATE FOR THE WEEK ENDING OCTOBER 28TH, 2016

03 November 2016
Holly Garby Penney

Tight supply in the freehold market has been the ongoing story for the last few years. Consider that we have 63% fewer listings than the same period last year yet only 15% fewer sales. The net result is more sales happening above the list price (66.5% in 2016 compared to 55% in 2015). We will certainly witness a decline in resale listings over the next 2 months as we cruise into the winter season but it remains unclear if sales will drop in a corresponding fashion. The east core was the hot spot last week as 84% of all homes sold above the list price compared to 62% in the west core and 58% in the central core.