The trend that we have been seeing over the last few months is continuing and strengthening. That trend is that entry level houses are selling very well, while higher priced homes over 600k are having a tough time finding a buyer. This is because first time buyers continue to be a much larger portion of the market than they normally would be.
If you have your home on the market, and you priced over 600k, you will need to work hard to find a buyer. Working hard means offering exceptional value and ensuring that your home shows very well. Do that, and you will be successful! Miss the mark by even a little bit and you will find that your property gets lost in the greatly increasing inventory in your price range. Over the last 30 days, 358 single family houses were sold, up by 15 houses from last week. The median price is down $5,000 to $550,000 – the fifth week in a row that this indicator has fallen. The average house was on the market for 29 days.
The condo market is continuing at much the same pace that it has for some months now. Prices haven’t really changed significantly. However, we are still seeing inventory growing and there are many new projects coming on line. As with houses, if you offer great value, you will find a buyer. In the last 30 days, 157 condos were sold, down by 11 condos from last week. The median price is up $1,250 to $278,000. The average condo was on the market for 45 days.
There are now 2,343 houses for sale, up by 75 from last week. Condo inventory has risen by 18 to 1067 suites. For both houses and condos, we are approaching the highest inventory levels that we have seen for several years.
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