Last week, I wanted to rally the troops and make sure that you were aware of the opportunities, both for buyers and sellers, in the upcoming Fall selling season. This week, as we are just finishing the first week past Labour Day, the proof is in – We are going to see a pick up in Fall business.
In the single family home market, prices are still soft providing an excellent chance for buyers to pick up a home at a lower price than they likely can buy it for later on this fall. Sellers benefit from this as well, as long as their pricing is realistic, because these attractive prices are creating significant pent up demand from buyers. How do we know this? Well, it is apparent from the trend lines in both pricing and sales volume. As well, because we market several different new home projects we have noticed a strong increase in the volume of visitors, more than double in the last couple of weeks, compared to the Summer.
The condo market, in this case, is further ahead than the detached home market. This segment has already picked up significantly in volume. If you have a condo to sell, you need to be on the market at the correct price now!
Of course, the fall market means more than increased sales volume, it is also likely that the available inventory of properties will increase. We always see a bump in listings in September and we are seeing that start now. Sellers who list now generally have a goal of selling before Christmas. If you are a buyer, help them accomplish their goal and it could put money in your pocket!
Here are the stats:
Over the last 30 days, 203 single family houses were sold, down by 2 houses from last week. The median price is down $8,000 to $530,000. The average house was on the market for 51 days.
In the last 30 days, 125 condos were sold, up by 7 condos from last week. The median price is down $4,250 to $255,000. The average condo was on the market for 57 days.
There are now 2,376 houses for sale, up by 58 from last week. Condo inventory has risen by 33 to 1069 suites.
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