It’s great news for buyers and sellers that we had another strong week in the real estate market, with the number of houses and condos sold both increasing. Since the beginning of October, the volume of sales is up 15% for houses and 12% for condos. However, this is not a license for home sellers to increase their asking prices! The increase in volume is most likely because new listings have been more attractively priced than the existing, older listings. At this point, if sellers start to feel over-confident we will quickly see their success grind to a halt. As you would expect, with the volume of sales increasing, we are also seeing inventory starting to drop – for single family homes at least. The inventory of available condos is still increasing, but it looks like it is about to plateau.
The key to success for sellers continues to be to price your property sharply with the goal of selling is quickly. Otherwise, it is almost certain that as your listing ages it will become less and less attractive to buyers.
Over the last 30 days, 241 single family houses were sold, up by 5 houses from last week. The median price is up $7,175 to $542,000. The average house was on the market for 44 days.
In the same time period, 137 condos were sold, up by 14 condos from last week. The median price is down $8,000 to $280,000. The average condo was on the market for 64 days.
There are now 2,159 houses for sale, down by 28 from last week. Condo inventory has risen by 7 to 1046 suites.
