For the last four weeks I’ve been concerned with the decreasing volume of sales, week after week, in both the single family home and condo market. At the same time it seemed that sellers were digging in their heels, holding the line on prices, at the expense of possible sales. This week, the results are the opposite. Sales volume for both houses and condos has increased. Condo prices rose slightly, while house prices dropped a fraction.Over the last 30 days, 273 single family houses were sold, up by 26 houses from last week. The median price is down $2,600 to $557,400. The average house was on the market for 28 days.
In the same time period, 153 condos were sold, up by 13 condos from last week. The median price is down $10,000 to $310,000. The average condo was on the market for 39 days.
There are now 2,000 houses for sale, down by 11 from last week. Condo inventory has fallen by 9 to 1012 suites. Inventory is relatively high right now so this drop is very good news for sellers.
