August 2011 - Thornhill Woods Market Update

As we enter the last month of Summer (it goes by too quickly!!), I just want to give everyone an update on what is going on in the Thornhill Woods real estate market. 

As of today, there are currently 33 houses for sale in Thornhill Woods. Yes, that is very low.  In fact, we have been faced with a low number of listings in the area for the last 7 months.  At no time since before January 1, 2011 have we seen more than 40 houses for sale at one time in Thornhill Woods.  The Summer is usually a slow time period for real estate as many people are away on vacation and the listings that are available usually sit on the market for extended periods of time.  This Summer, however, listings are still selling relatively quickly as buyers are grabbing what they can get as there just isn't enough to choose from.  That being said, while the market is still moving at a good pace especially for this time of year, a Seller will still not be able to sell if their listing price is above the market.

Out of the 33 houses currently for sale, 10 of these are clearly over-priced.  These 10 houses have been sitting on the market for an average of 42 days in a market where there are clearly more buyers then sellers.  For some reason, people think that because the market is so good for sellers right now, that their house must be worth 850K.  It doesn't matter how good the market is, home buyers are not going to pay 850K for a house that is only worth 750K unless they are clearly misguided by an agent who just doesn't know what he is doing or has no idea about the area (yes, this does happen).

With 5 months left to go in 2011, I expect much of the same in terms of the current market dynamics. There will continue to be more buyers then sellers which means the Fall market (September to end of October) which is traditionally a strong market, will be even stronger then normal.  

If you are looking to sell during this time period, make sure you don't make the same mistake the 10 sellers I mentioned above did.  If you do,  you will miss out on getting top dollar for your house in a market where there is absolutely no reason why you should be sitting for more than 14 days.

If you have any questions, just let me know and I will happy to answer them!  Enjoy the rest of your Summer!