The market for single family homes continues to perform well with strong sales volume and stable pricing. In short, this is a continuation of what we have seen for most of the Summer - good sales volume, well ahead from the slow pace of sales last Summer. If you are looking for a new home, the next 2 months is prime time for you. Inventory usually increases slightly at this time of year and we don't expect any short term price drops. So, when you find something you like, snap it up before increasing interest rates make your purchase more expensive. Home sellers would be wise to take advantage of the current strong market, as well. Get your home on the market and work hard to make sure that your price is right on the mark. If it doesn't sell in the first month, adjust your price as necessary if you want to sell before the quieter winter market.
The fly in the ointment continues to be the condo market! The number of condos sold in the last month is down by 16% from last year, down from the year before, and down from the year before that. There is no way to word it differently - the condo market is having a very tough time! Looking specifically what is selling, new and newer condos are making up the lion's share of the sales. Older condos are having a very tough time finding buyers, even at what many sellers would consider to be bargain basement prices! With so many new condos currently being built, my best advice for sellers of older condos is to drop your prices even further and sell now. I don't expect a quick recovery in this section of the market.
Here is the raw data:
Over the last 30 days, 252 single family houses were sold, down by 2 houses from last week. The median price is down $1,000 to $540,000. The average house was on the market for 50 days.
In the last 30 days, 113 condos were sold, down by 7 condos from last week. The median price is down $5,000 to $275,000. The average condo was on the market for 57 days.
There are now 2,045 houses for sale, up by 07 from last week. Condo inventory has risen by 23 to 958 suites.
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