The number of houses and condos being sold is definitely a casualty of this soft market. However, at this point at least, the softening of home prices seems to have stopped. Yes, we do see the median price drop in this report. But, it had actually risen for the last three weeks.
I believe that we are seeing a bit of a stand-off right now. Buyers want to see prices come down, while most sellers have decided that if they can’t sell at a price that is comfortable to them, they simply won’t sell. Of course, those that must sell, must sell and there can be some good deals out there.
Over the last 30 days, 168 single family houses were sold, down by 31 houses from last week. The median price is down $13,500 to $524,500. The average house was on the market for 46 days.
In the last 30 days, 104 condos were sold, down by 7 condos from last week. The median price is unchanged at $255,000. The average condo was on the market for 60 days.
There are now 2,305 houses for sale, up by 6 from last week. Condo inventory has risen by 6 to 1079 suites.
