What about the number of homes on the market? The peak was earlier in August where there were 883 single family homes for sale on the MLS. As you can see by the graph below there have been over 800 homes on the market for most of the summer and looks like we will see the large inventory continue well into the Fall. The recent trend, as expected, is for the number of listings to start coming down as we move into the Fall. In fact, on September 1st there are 838 homes.
Combining the low number of sales with the high inventory has put the sales to listing ratio at a lowly 6%. This indicates again that we are in a Buyers market and hopefully at the end of this down cycle. I don’t believe that we can sustain this low level of activity for long. There are too many favourable conditions in Canada and our local economy to keep those buyers down. Here’s looking forward to a great Fall selling season!
The median sold price for single family homes in August 2011 was $320,000 and the average sold price was $376,415. In August 2010 the median sold price for single family homes was $367,500 while the average sold price was $374,317.
Condos and Townhouses Update
The number of strata homes on the market (condos, apartments, and townhouses) is still high at 433. This trend has continued for most of the summer with listings averaging over 420.
The number of strata sales in August, 2011 was 24 and the sales to listing ratio was a lowly 6%.
The median sold price for stata during August 2011 was $210,000 while the average sold price was $224,163.
Looking forward to the Fall
With everyone getting back from holidays and looking forward to moving before Christmas I expect that home sales will pick up. Active listings should start to tail off as the Fall progresses. The HST fiasco is behind us. We hit a record low number of sales in August. Where can we go from here? No where but up I say. Let’s keep a positive attitude, sharpen our selling pencils, get out as Buyers and buy, and we will have a wonderful Fall selling season.