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Have we reached the peak of the spring market?

Posted on April 11, 2011 by Leong & Roozendaal (Re/Max Camosun)

Over the last 30 days, 285 single family houses were sold, down by 19 houses from last week. The median price is down $19,750 to $561,000. The average house was on the market for 34 days.

In the same time period, 159 condos were sold, down by 26 condos from last week. The median price is up $4,500 to $299,500. The average condo was on the market for 34 days.

It is important to note that we have seen a decrease in the number of properties sold for the last two weeks in row. This has been accompanied by a slight drop in prices and an increase in the number of days necessary to sell a home. This is a trend worth watching. I don’t think that we have reached the peak of the spring market yet, but only time will tell.

There are now 1,890 houses for sale, up by 105 from last week. Condo inventory has risen by 52 to 994 suites. Slowing sales combined with the constant influx of new listings has significantly increased the inventory in the last week.