MLS® dollar sales for the first two months of the year are up 33% from this time last year while unit sales are showing a 20% increase. Notwithstanding the fact that sales in the first quarter of 2014 were very weak due to the harsh winter conditions of 2013/2014, this winter hasn't been an easy one either yet it has not had a negative impact on sales.
In addition to the strong MLS® sales activity, we have seen a significant reduction in the number of new MLS® listings coming onto the market. To the end of February, MLS® listings are down 24% with 615 properties listed year-to-date compared to 812 in the first two months of 2014. In some price ranges and or property types there is actually a shortage of available inventory which favours sellers and that too helps to substantiate why we are seeing multiple offers on some properties.
With the spring market just around the corner, we can expect to see sales activity ramp up even further along with an influx of new MLS® listings coming onto the market. Seemingly the market has shifted more in favour of sellers so if it has been your intention to potentially sell your property in the near future, market conditions may now allow you to secure a buyer at the best price possible.
If you have any questions or would like a no obligation assessment as to the value of your property, please do not hesitate to contact me.