If you have an entry level home to sell you are in the best position of all home sellers. Those with higher end homes, over 600k, are having a much tougher time. It seems that the continued low interest rates and the $10,000 first time buyers tax credit are driving large numbers of first time buyers into the market. Normally, many of these first time buyers would buy resale homes which creates 2nd time buyers, 3rd times buyers, etc. In other words, when a first time buyer buys a resale home, that would be expected to create 2-3 other sales as the sellers buy other homes. But, because the $10,000 credit for first timers only applies to newly built homes, we are not seeing the spin-off sales that we normally see. That is why we believe that the 600-900k range is selling poorly.
Over the last 30 days, 343 single family houses were sold, up by 17 houses from last week. The median price is down $5,000 to $555,000 – the fourth weekly median price drop in a row that we have seen. The average house was on the market for 31 days.
In the same time period, 168 condos were sold, up by 3 condos from last week. The median price is up $750 to $276,750. The average condo was on the market for 46 days.
There are now 2,268 houses for sale, up by 74 from last week. Condo inventory has risen by 33 to 1049 suites.
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