It has been a very busy week in the market pushing the 30 day average way up. Over the last 30 days, 154 single family houses were sold, up by 31 houses from last week. The median price is up $2,500 to $577,500. The average house was on the market for 58 days. As you can see, the volume of sales is increasing rapidly as we always hope to see at this time of year. That increase in sales is starting to push prices up slightly.
In the same time period, 86 condos were sold, up by 8 condos from last week. The median price is up $3,250 to $291,500. The average condo was on the market for 65 days. The condo market is still relatively flat. The volume of sales is increasing, but pricing is generally stable when we look back over several weeks.
There are now 1,320 houses for sale, up by 24 from last week. Condo inventory has risen by 40 to 777 suites. Although total inventory is rising, the relative inventory compared to the rate of sales, expressed as "months of inventory," is dropping, especially for single family homes. For SFH's, if the pace of sales keeps picking up we could run into a shortage of inventory.
