We are excited to announce that we have just released Phase Two of the town homes at Rainbow Hill with some pretty awesome pricing from $690,000 to $740,000! As with Phase One, these are high-end, luxury 3 bedroom town homes ranging from 2000-2700 sqft of finished space plus a 2 car garage. Some units have a large unfinished space, as well, for storage or future expansion.
Click here for the site plan, floorplans, and pricing
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Looking at the stats, we see that prices have been generally stable for several months now, the number of homes available for sale is growing, and the number of homes sold each week is dropping. Instead of doom and gloom, looking back at previous years tells us that this is likely just the typical summer market cycle. Buyers, sellers, and even some Realtors are on holiday, therefore reducing the number of active players in the market. In fact, we would argue that the stats look pretty good for this time of the year!
The secret for success in the Summer market is patience combined with diligence. By patience we mean that you can’t fight the facts. Fewer current buyers means that your property may take longer to sell. Diligence means that since there is a lot of available inventory you need to ensure that your home looks great and is priced right. During the first half of 2012, the VREB reported that only 38% of listings actually sold! That’s a pretty clear indication to us that sellers need to be on the ball or they are wasting their time! Having said all that, it could be a great time for you to sell your property. The sun it out, the grass is green, and the flowers are out. Your property likely looks its best at this time of year. We’ve had some excellent success with our listings recently which clearly shows us that buyer are out there for the right property at the right price.
Here are the raw stats for you:
Over the last 30 days, 270 single family houses were sold, down by 31 houses from last week. The median price is up $5,000 to $535,000. The average house was on the market for 44 days.
In the last 30 days, 154 condos were sold, down by 2 condos from last week. The median price is down $1,850 to $273,750. The average condo was on the market for 44 days.
There are now 2,500 houses for sale, up by 23 from last week. Condo inventory has risen by 10 to 1146 suites.
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