As the Spring market continues to evolve, some interesting trends are developing. In short, we have a very fractured market with some segments strong, while others are very weak. For example, we know from anecdotal evidence, and can see from the statistics, that the first time buyer market and the market for homes around 500k is very strong!
In fact, the massive strength of this very specific market segment is going a long way to mask the weakness of sales in the higher price ranges. For example, if two houses of equally great relative value were listed today, one at 500k and one at 700k, the 500k home would see strong interest and could even experience multiple offers. However, the 700k home would expected to see very few showings and may sit on market much longer than expected – to the frustration of the sellers. Homes in the higher price ranges are still selling, but at a much slower rate which means that the competition in 600-800k range is very intense! Instead of this being a temporary market blip, it seems to be a trend that is still strengthening. For each of the last three weeks the number of single family homes sold has increased at the same time as the median price has decreased.
While segments of the single family home market are showing strength, the condo market continues to struggle The number of units sold has actually decreased for the last three weeks along with a downward trend in pricing. If you are selling a condo, take heart that 165 units have still sold in the last three weeks, but you will need to price your unit very well to find a buyer.
Over the last 30 days, 326 single family houses were sold, up by 23 houses from last week. The median price is down $2,000 to $560,000. The average house was on the market for 32 days.
In the same time period, 165 condos were sold, down by 7 condos from last week. The median price is up $1,000 to $276,000. The average condo was on the market for 38 days.
There are now 2,194 houses for sale, up by 12 from last week. Condo inventory has risen by 24 to 1016 suites.
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