The best way to characterize the market these last few weeks would be "status quo." No, I certainly wouldn't say our market is stable, but I would say that it has been cruising along without significant changes for the last few weeks. This is good news for buyers and sellers!
Single family homes are selling well, with 3% more homes selling now than at the same time last year. Prices are about the same as last year. Considering the slow start to the year, this is great news. I would expect sales to start slowing as we head further into the summer and more buyers start to go on holiday. If you have a home to sell, you need to take full advantage of today and make sure you are well priced and well marketed.
The condo market, on the other hand, continues to perform below average with the number of properties sold down about 10% from last year. With a high level of inventory, pricing is the key here with many condos simply overpriced!
Over the last 30 days, 347 single family houses were sold, up by 9 houses from last week. The median price is up $3,105 to $528,000. The average house was on the market for 36 days.
In the last 30 days, 137 condos were sold, up by 6 condos from last week. The median price is down $10,000 to $280,000. The average condo was on the market for 55 days.
There are now 2,237 houses for sale, up by 25 from last week. Condo inventory has risen by 6 to 1035 suites.
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