Over the last 30 days, 245 single family houses were sold, down by 6 houses from last week. The median price is down $17,000 to $543,000. The average house was on the market for 41 days. We are seeing a slow downward trend in both pricing and the number of houses sold. At this time of year we expect to see volume decline, but not pricing. This is also coupled with an increase in the days on market. We may be shifting more towards a buyers market for single family homes.In the same time period, 139 condos were sold, down by 6 condos from last week. The median price is up $1,000 to $290,000. The average condo was on the market for 45 days. Even though the median price rose slightly this week, we are also seeing slightly softening prices and volumes in this market segment.
The message for both house and condo sellers is to price your properties to sell quickly. A longer time on market during a softening trend almost certainly means a lower selling price.
There are now 2,288 houses for sale, down by 85 from last week. Condo inventory has fallen by 43 to 1099 suites.
