The last week was one of the slower weeks for resale properties, but was a stronger week for new properties. We heard this from many colleagues, and saw it first hand with several sales at our development, Homes at Hazelwood.
We generally expect higher volumes at this time of year than we are seeing and attribute the lack of interest from buyers partially to the bad economic news in the last while. However, if history is a guide, this is the time that buyers should be entering the market, as fewer homes sold means more anxious sellers and better prices! If we look back to 2008, when the previous recession hit, buyers who took advantage of the “fear” made substantial and quick gains.
Over the last 30 days, 211 single family houses were sold, the same as last week. The median price is down $9,850 to $540,150. The average house was on the market for 44 days.
In the same time period, 117 condos were sold, down by 3 condos from last week. The median price is up $6,450 to $279,900. The average condo was on the market for 54 days.
There are now 2,278 houses for sale, up by 10 from last week. Condo inventory has risen by 3 to 1092 suites.
