After reviewing the statistics this morning I found myself struggling with something profound to write about.  It wasn’t an exceptional week, but instead was more of a continuation from the previous week.  We continue to see selling prices for condos and houses softening slightly.  It is starting to feel like we are hitting the bottom, but we will only truly know that when the bottom has passed. 

If there is anything out of the ordinary to report, it would be that condos may be starting to outperform houses.  For example, over the last five weeks, the number of condos sold has been trending upwards.  However, at the same time, prices are softening.  I believe that this may caused by developers dropping their asking prices to help reduce their inventory.  There could be some good opportunities here, especially in the new condo market. 

Over the last 30 days, 230 single family houses were sold, down by 11 houses from last week.  The median price is down $3,853 to $538,147. The average house was on the market for 45 days. In the same time period, 144 condos were sold, up by 7 condos from last week.  The median price is down $500 to $279,500. The average condo was on the market for 63 days.

There are now 2,114 houses for sale, down by 45 from last week.  Condo inventory has risen by 17 to 1063 suites.