As we would expect, as we get closer to Christmas the volume of sales starts decreasing.  We also see that detached house prices have edged up a bit for a third week in a row.  Could we have seen the bottom of this recent price valley?  It’s too early to know for sure, but time will tell.   Condo prices have apparently softened again after several weeks of relative stability.  But, with the seasonal low volume I would caution anyone to read too much into these numbers.

Inventory is staying at a higher level than we would normally see at this time of year.  That tells me that there are a lot of sellers out there who really want to sell!  But, it is likely that many of them will need to adjust their pricing to find that special buyer.  With inventory at quite a high level, buyers can wait and “cherry pick” the best deals as they come on the market.  That is exactly what we are seeing.  Great deals are selling fast while other homes sit on the market forever.

Over the last 30 days, 235 single family houses were sold, down by 18 houses from last week.  The median price is up $10,000 to $540,000. The average house was on the market for 60 days.

In the same time period, 94 condos were sold, down by 4 condos from last week.  The median price is down $11,000 to $280,000. The average condo was on the market for 58 days.

There are now 1,702 houses for sale, down by 56 from last week.  Condo inventory has fallen by 14 to 921 suites.