We entered the 2021 Real Estate Market in a Provincial State of Emergency with a Stay at Home Order in effect. This left people living in bigger cities feeling the pressure of being in tight quarters and wanting more space. In turn, the migration from big city to small town kept the real estate market red hot. In the outer limits of the GTA, including Acton, prices are increasing due to low inventory with high demand. This imbalance is making it very difficult for buyers.
Acton’s real estate market increased a whopping 42 percent over the same month last year. To note - this data does include one sale of a very stately century home that sold in January for $1,325,000.00. If you subtract that one out of the mix, the math still shows a 31 percent increase over January 2020.
Here are Acton specific statistics to consider for the period of January, 1 – January 30, 2021;
Eight homes sold firm at an average of 104 percent of asking price.
It took an average of 18 days on the market to sell firm.
Average sale price in Acton - $842,489
Average sale price in Acton (excluding the $1.325mil sale) - $773,558
Lowest sale price - $575,000
Highest sale price - $1,325,000
Contrasting with January 2020;
11 homes sold firm at an average of 99 percent of asking price
It took an average of 26 days on the market to sell firm
Average sale price in Acton - $591,800
Lowest sale price - $410,000
Highest sale price - $775,000
The 2021 Real Estate Market has continued to show great strength, held up by low interest rates, high demand and record setting low inventory. If you are looking to get into the market as a buyer, I highly suggest getting all of your ducks in a row. Start by getting a pre-approval from a reputable Mortgage Specialist. Create a list of your wants and needs as well as the specific area you want to find new home in. Once this is completed, reach out to a trusted REALTOR® to help you get the upper hand in this competitive market.
Don’t ever hesitate to reach out if you have any questions about the local real estate market.
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