Those who own detached houses continue to adapt to the market and that means that their properties are selling. In fact, as prices edge downwards to adjust for the changing market, these sellers are not only maintaining sale volume, but also seeing a significant uptick in the number of homes sold. Taking into account that we would normally see volumes decline as we approach Christmas, the buyer’s response to the more attractive pricing tells me that there is a lot of demand out there! Last week I reported that the recent sales volume was the best in the last quarter. This week’s volume is better still.
However, condo sellers are not proving to be as savvy. The opposite is happening in this segment with asking prices edging upwards, and the gap between ask and sell growing. As you can probably guess, at the same time the number of condos selling is dropping. This is expected at this time of year, but it is quite interesting to note how different this is from what is taking place in the detached home market.
Over the last 30 days, 264 single family houses were sold, up by 7 houses from last week. The median price is down $5,000 to $529,000. The average house was on the market for 54 days. In the same time period, 109 condos were sold, down by 13 condos from last week. The median price is unchanged at $297,500. The average condo was on the market for 52 days.
There are now 1,895 houses for sale, down by 35 from last week. Condo inventory has risen by 15 to 997 suites.