What does this mean?
For Sellers
The volume of homes SOLD is down from the highs earlier in the year for both condos and detached homes.
Condos: Condo prices are down from the highs earlier in the year but still up from where they were a year ago. High demand condos are still selling quickly and some with multiple offers.
Detached Homes: The median house price has fallen by 6% from where it was one year ago. This represents more of a change in mix of homes SOLD than a price decrease for similar homes. More specifically, we saw more homes below one million sell than higher priced homes in the last 30 days compared to what was SOLD one year earlier.
For Buyers
This may be the time that you’ve been waiting for!. There may be an opportunity to purchase a home without participating in a bidding war. Sellers are more apt to entertain a conditional offer.
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Have questions about the market?
We’d be happy to learn about your situation and discuss how we can help.
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