As we move further into the prime spring market, we can still see that the volume of sales is down by 25% with pricing down about 7% from the same point last year. Having said that, the selling prices of single family homes have shown gains for the fifth week in a row, after their lowest point at the beginning of September. The number of homes sold has also grown for the sixth week in a row.
One of the most interesting stats to come out of the recent sales is that the days on market for homes that are selling has quickly dropped from over 80 days, to only 29 days. 29 days is fast in any market! Looking at individual sales, we can see that newly listed homes are selling, while older listings are just sitting around. Many of the newest listings are well priced for the market, buyers are realizing this, and snapping them up. This is a clear message to sellers to ensure that your property is well priced if you want to find a buyer.
Here are the raw stats from the last 30 days:
Over the last 30 days, 176 single family houses were sold, up by 13 houses from last week. The median price is up $13,750 to $513,750. The average house was on the market for 29 days. In the same time period, 112 condos were sold, up by 7 condos from last week. The median price is up $6,100 to $256,000. The average condo was on the market for 68 days.
There are now 1,827 houses for sale, up by 55 from last week. Condo inventory has risen by 14 to 911 suites.
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