Whether you are selling a detached house or a condo, the chances of it selling are increasing. The stats are clearly showing that the number of properties being sold is steadily increasing as we leave the slow holiday season behind us. However, as always, it is not always as simple as that!
Although the pace of sales for houses has increased by nearly 50% since early January, at the same time the median selling price has dropped by $20,000 or about 3.5%. While this price drop occurred, the days on market until the average home found a buyer also was cut in half. Together, increasing sales, dropping prices, and quick sales tell us that there is a lot of demand out there, but that only the best priced homes are selling. A drastically shortening days on market figure speaks not only of high demand, but also that it is the new listings (which are more likely to be priced more sharply) that are selling, not the stale older listings. The moral of the story for sellers – if your property is not selling, get that price reduced to a proper level and you can find a buyer quite quickly. My best suggestion is for you to call your Realtor today!
Over the last 30 days, 198 single family houses were sold, up by 28 houses from last week. The median price is down $2,000 to $520,000. The average house was on the market for 30 days.
In the same time period, 130 condos were sold, up by 15 condos from last week. The median price is up $5,950 to $279,950. The average condo was on the market for 65 days.
There are now 1,619 houses for sale, up by 29 from last week. Condo inventory has risen by 22 to 882 suites.
