The rate increase last month seems to have put an additional damper on the real estate market. The overall sales are down from the 5 and 10-year averages. However, inventory is still moving, the multiple offer situations are becoming rarer and rarer but they are still happening and the odd house will still sell for over ask price. The next meeting for the Bank of Canada on the interest rates is October 26th, we will see where things end up then.
340 total sales in September. Which was down from 406 sales in August and down from last year's sales of 566 sales last August and down from the 10-year average of 493 sales.
2,396 total active listings which are down from August of 2457 active listings. The active listings are down compared to the 5-year average of 2,484 listings but up from 1,370 last year. The 10-year average for active listings is 2886. Currently, we are sitting at 96% of the average amount of listings for this time of year based on the 5-year average but 83% on the 10-year average.
September median days to sell increased to 38 days and the average days to sell increased by 6 days to 50 days on market.
This past week we saw 137 Price Reductions, 77 expired listings and 117 withdrawn listings.
Based on the sales and the number of active listings, the current months of inventory is sitting at 7.05 months for the overall market which is well within the balanced market range.
Single Family Residential Homes
Single-Family Sales 164
New Listings 428
Current Inventory 1,236 (1,303 in August and 672 last September)
Total Sold Dollar Value $216,463,756
Median Days to Sell 41
Average Days to Sell 54
Average Sale Price $1,319,901
Months of inventory 7.54
Townhome Activity
Townhome Sales 47
New Listings 121
Current Inventory 296
Total Sold Dollar Value $36,603,295
Average Days to Sell 43
Median Days to Sell 33
Average Price $778,794
Months of Inventory 6.30
Apartment/Condo
Condo/Apt Sales 102
New Listings 197
Current Inventory 498
Average Days to Sell 42
Median Days to Sell 34
Average Price $585,664
Months of Inventory 4.88
Let me know if there is anything I can do for you!
Have a great week and feel free to reach out with any questions!
-Mark
Mark Coons
Personal Real Estate Corporation
Coldwell Banker Horizon Realty
2021 Top 3% Internationally Coldwell Banker
Mobile: 250-801-0361
Email: markcoonsrealty@gmail.com