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Summer is a slow time for most businesses and real estate is no exception. With so many people taking time for themselves, relaxing, going to the cottage, visiting with friends and family…things like moving gets pushed to the bottom of the list. So take a look at last months market trends to get an idea of where we sit this July compared to previous years!
The average sale price year to date is $789,000, which is down 8% from last year. It also takes 19% longer to sell a house than last year. The volume of sales is down 23%. If no other homes were to come onto the market, it would take 2.83 months to sell the current inventory. Which means, we are still in a sellers market, despite what people think.
The price gap between condos and freehold homes is closing. This year we have seen a 9.4% increase in value and 5.2% in volume. Unfortunately it is becoming less and less affordable to purchase a condo in the city. My experience tells me, that detached and semi-detached homes will continue to rise in value over the next 6 months, while condos will remain relatively flat at an average cost of $1000 per square foot.