Your Weekly Market Update from the Preferred Homes Team - The significant increase in activity that I talked about last week has been slow to turn up in the sales column for detached homes, but the opposite is true for the condo market. Maybe condos sales are playing catch-up after a slow fall season? In fact, the condo market has been so busy during the last couple of weeks that the available inventory has actually dropped instead of growing as it usually does at this time of the year. I would expect that the new record low interest rates have a large role to play here as first time buyers enter the market! If you are considering selling your condo, now may be a great time to get it on the market.
Am I worried about the pace of detached house sales? Not so far. The buyer activity that precedes an offer is there so we are confident that the sales will follow. But, with inventory growing as well, sellers will need to offer a top notch and well priced product or they will be passed over in favour of a better deal.
Over the last 30 days, 135 single family houses were sold, down by 3 houses from last week. The median price is down $8,000 to $536,500. The average house was on the market for 58 days.
In the same time period, 92 condos were sold, up by 11 condos from last week. The median price is up $15,000 to $265,000. The average condo was on the market for 83 days.
There are now 1,508 houses for sale, up by 23 from last week. Condo inventory has fallen by 8 to 829 suites.
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