The volume of sales has been strong and relatively stable for the last several weeks. In fact, the volume is very high, higher than it has been for the last several years! But, at the same time there seems to be a lack of buyer confidence in the market as selling prices are sliding downwards, down by over 5% from “the peak” in April and down by almost 10% compared to the spring of 2010. Furthermore, more offers that are coming in are subject to the sale of the buyer’s property. With high sales volume, these offers are no problem as long as the buyer has priced their home well!
Newly built homes continue to sell strongly, especially in the western communities and especially when priced under $550,000. There is a lot of demand for new, especially by first time buyers who want to take advantage of the $10,000 tax benefit.
Over the last 30 days, 338 single family houses were sold, up by 2 houses from last week. The median price is down $5,000 to $530,000. The average house was on the market for 27 days.
In the last 30 days, 153 condos were sold, down by 1 condos from last week. The median price is down $1,000 to $275,000. The average condo was on the market for 34 days.
There are now 2,421 houses for sale, up by 21 from last week. Condo inventory has risen by 13 to 1108 suites.
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