Wow, October already! Hoping everyone is enjoying the nice fall weather we've had – quite a few things to look forward to into the season and into the holidays to finish the year.
CREB released it's month market update yesterday, and the underlying comment here is that the market is shifting.
In September, we experienced total sales of 2,003 – 17% BELOW last year's record high, but remains 16% ABOVE the long term trend.
Listings are increasing, but not in a way you'd expect. The growth in listing activity has been in higher-priced homes, with limited choices for lower-priced homes, likely preventing stronger sales in our market.
While demand remains high across all price ranges, we don't expect the lower-priced supply issues to subside anytime soon. Total new listings rose to 3,687 units, the highest September total since 2008 – which did support some inventory growth (total September inventory: 5,064 units), but remains under the 6,000 units we typically see in September.
More details below (FULL RELEASE HERE):
Detached
• Benchmark Price: $757,100 (-0% MoM, +9% YoY)
• Total Sales: 942 (-26% MoM, -17% YoY)
• Total New Listings: 1,792 (+4% MoM, +18% YoY)
• Sales-to-New Listings: 53%
• Months of Supply: 2.5 Months (+67% YoY)
• Days On Market: 27 Days (+7% YoY)
Semi-Detached
• Benchmark Price: $678,400 (-0% MoM +10% YoY)
• Total Sales: 182 (+6% MoM, -4% YoY)
• Total New Listings: 299 (+0% MoM, +8% YoY)
• Sales-to-New Listings: 100%
• Months of Supply: 2.0 Months (+34% YoY)
• Days On Market: 25 Days (-4% YoY)
Townhomes
• Benchmark Price: $459,200 (-0% MoM, +10% YoY)
• Total Sales: 377 (-2% MoM, -5% YoY)
• Total New Listings: 603 (+57% MoM, +27% YoY)
• Sales-to-New Listings: 63%
• Months of Supply: 2.0 Months (+102% YoY)
• Days On Market: 25 Days (+19% YoY)
Apartments
• Benchmark Price: $345,000 (-0% MoM, +14% YoY)
• Total Sales: 502 (-17% MoM, -29% YoY)
• Total New Listings: 993 (-0% MoM, +7% YoY)
• Sales-to-New Listings: 51%
• Months of Supply: 3.2 Months (+121% YoY)
• Days On Market: 33 Days (+16% YoY)
If you have any questions at all, please reach out to our team to help guide you, wherever you are in the process!