The trend towards slowing sales and very slightly softening prices is continuing. As expected, at the same time, the days on market before the average home sells is increasing. We also saw the available inventory of houses and condos fall this week. Even though last week we saw inventory increase, the trend for the last few weeks seems to be slightly decreasing inventory. As inventory decreases further, the reduction in supply will limit price erosion and negotiating power for buyers.
However, keep in mind that these are just trends and don’t have to reflect the experience that you will have buying or selling.
If you are selling your home, make sure that select a very knowledgeable Realtor who has the skill to price your home properly for the current market. For most sellers, that means a lower listing price than what they would like. My advice would be to list for a little less now and get a quick sale, versus sitting on the market in a time of declining prices and selling for a lot less later on! I can tell you from my experience, that clients that take their Realtor’s advice in this area end up with more money in their pocket – and a lot less stress!
If you are buying, there are some good deals to be had. Will the market drop further? Maybe or maybe not. I can tell you that it is impossible to spot the bottom of the market until the opportunity is long past! Asking prices are slightly off right now and you may also be able to get a lower offer accepted than you would have a couple of months ago. If you are ready to buy, I would encourage you to try an offer on your favourite property!
Over the last 30 days, 208 single family houses were sold, down by 3 houses from last week. The median price is down $25 to $540,125. The average house was on the market for 48 days. In the same time period, 122 condos were sold, up by 5 condos from last week. The median price is up $100 to $280,000. The average condo was on the market for 56 days.
There are now 2,176 houses for sale, down by 102 from last week. Condo inventory has fallen by 61 to 1031 suites.
