The main theme of my report last week was that the market seemed to be recovering. Now, another week has gone by, and we have another week of positive results. In the single family home market, the number of sales is slightly higher than last week, prices are stable, and the inventory is dropping. This is surprisingly good news this close to the traditionally quiet Christmas season.
The results for the condo market are even more surprising! The number of sales are up, the prices are up, and inventory has dropped significantly! I can’t tell you exactly why the market is seeing this flurry of activity, but we expect that it is a combination of buyers realizing that prices are not dropping any more, combined with sellers realizing that they need to set realistic prices.
Here are the stats from last week:
Over the last 30 days, 180 single family houses were sold, up by 1 houses from last week. The median price is down $1,000 to $529,000. The average house was on the market for 43 days.
In the last 30 days, 104 condos were sold, up by 2 condos from last week. The median price is up $3,500 to $273,500. The average condo was on the market for 63 days.
There are now 2,119 houses for sale, down by 41 from last week. Condo inventory has fallen by 13 to 992 suites.
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