Here is another example of how critical pricing is.  This townhouse had been on the market for quite a while.  After a small final price drop of $10,000 we quickly received several offers.  It ended up selling at higher than asking!  

There are definitely buyers out there, they just need to see value and then they are ready to commit.

We are now deep into our annual Spring selling season.  This is the time of year when, traditionally, more homes change hands that at any other time of the year.  Often, families try to time their purchase in the Spring so that they can move during the summer, minimizing the disruption to their children's school lives.

This year is no different, we are seeing more sales at this point than at any other time of the year. Those sellers who are pricing their homes sharply are finding buyers.  But, prices are still down compared to last year and sellers must price their homes properly relative to the market to find a buyers.  

Those who have a single family home to sell are fairing much better than those with a condo.  While the number of homes selling, and pricing, is down slightly compared to last spring, the condo market is really, really tough!  Last year's tightening of the mortgage rules took a lot of first time buyers out of the market, meaning that there are fewer condo buyers.  Combine that with many sellers who are unable to sell because the dropping prices have cancelled out much of their equity and you have a recipe for a large reduction in sales.  As of today, the number of condos sold is down nearly 20% compared to the same 30 day period last year.  

If you own a condo, and are trying to sell it, there is good news and bad news.  The good news is that most of the condos on the market are simply overpriced for today's market, leaving buyers screaming for a reasonably priced place to live. The bad news is you probably will sell your condo for less than you would like.  My advice, take the hit, get the condo sold and take advantage of the lower prices for single family homes.  In the end, its a wash and you will have a property that should appreciate better.

Many feel that tomorrows election will have an effect on real estate values.  Those who support the NDP say that the added stability that the workers in the province will increase property values.  Those who support the Liberals say that, like in the 90's, business will be driven from our province, causing the loss of jobs and property values.  Either way, this an important election. No matter what your belief system, please get out and vote!

Here are the stats from the last 30 days:

Over the last 30 days, 338 single family houses were sold, down by 9 houses from last week.  The median price is down $10,843 to $534,750. The average house was on the market for 35 days.

In the same time period, 140 condos were sold, down by 3 condos from last week.  The median price is up $3,500 to $278,500. The average condo was on the market for 51 days.

There are now 2,188 houses for sale, up by 28 from last week.  Condo inventory has risen by 45 to 990 suites.

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