Market Update – 2019 So Far
2019: A Seller’s Market
2019 has proven to be a seller’s market across the board with plenty of buyers and very low inventory. This has driven the market up even higher as sellers are consistently dealing with multiple offers and bidding wars. This results in many houses selling over asking price. A house in Exeter recently sold for $17,000 over asking which is nothing compared to the London market where some are going $50,000+ over asking price. If you have ever been thinking of selling, now might be as good of a time as ever.
Trends in Exeter, Ontario
So far in 2019 Exeter has seen 15 homes sell in a range between $121,000 to $475,000. So far in 2019, the average price of a house in Exeter is $261,463.33. This price is likely to increase in the coming months as there is currently just 1 active listing under this price point for a detached freehold home and 1 active listing for a semi-detached home.
With new developments set to break ground this year at both the North and South end of Exeter, it will be interesting to see how the market shifts. With an abundance of brand new construction there will be more options for buyers to choose from, which should calm the market. The new construction should also increase the inventory of the resale market as people look to sell their current homes and move into the new construction. This should help neutralize the market which would reduce the volatility of multiple offers and bidding wars that seem to be the new norm.