It was a much busier week last week with a large increase in the number of single family homes sold compared to any other week so far this year. Compared to last year, and just looking at last week, the volume of sales was actually similar! Keep in mind, though, that prices are still down from last year.
The condo market is still facing challenges with the volume of sales off by over 20% compared to last year. It seems that many condo owners are unable to sell their units due the recent price decreases. Many condo owners have very little equity in their units, so when the prices fall, they are not able to get enough out of their suites to counter the costs of selling.
Over the last 30 days, 304 single family houses were sold, up by 30 houses from last week. The median price is up $19,394 to $538,269. The average house was on the market for 33 days. In the same time period, 133 condos were sold, up by 8 condos from last week. The median price is down $5,000 to $275,000. The average condo was on the market for 54 days.
There are now 2,106 houses for sale, up by 61 from last week. Condo inventory has fallen by 6 to 935 suites.
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