Good morning folks, another monthly update from CREB for the month of October – Needless to say, the same problem continues to exist, with lower-priced homes in HIGH demand, while the market for higher-priced homes is now becoming more balanced. That said, October sales activity increased over last month, and remains elevated at ~24% higher than the long-term trend.
Sales activity would be stronger, if we had seen more inventory for product priced under $600K.
Overall, inventory levels have improved with growing number of listings over the last 6 months (4,966 units available in October), a marked improvement from last year's near-record low of 3,205 units last October. Despite this, the composition of inventory is the key change, with nearly 50% of the inventory now priced ABOVE $600,000.
Recall, a balanced market see's month of supply range between 3-4 months, and we're still sitting in quite a tight market with 2.3 months of inventory.
More below from CREB:
Details by property type, below:
If you have any questions at all, please reach out to our team to help guide you, wherever you are in the process!