Residential sales pick up slightly, with a 16% increase of sales compared to last June. We’re still working through a buildup of inventory from a slower spring sale season, and there is still a large supply of over 1000 affordable residential houses (up 32%). Its a great time for options in purchasing, and it feels like this season will push into August because of the slow start.
Waterfront and acreage home sales are still down 14-22%. No signs of change here, so you may want to wait until next spring before considering to sell. The average waterfront home only gets 91% of its listed price – anyone that wants to sell has to be prepared for heavy negotiating.
Condo sales remain steady, and inventory is peaking here as well. While there are very few options under 250k, many options are entering the market in the 300-500k range (+48% from last June). Well priced condos are selling fast and seeing immediate offers, so contact me quickly if you see an attractive condo during the week. Waiting for open houses has been too slow this past month.
Townhouses are following the house market, with similar ratios all around. We will probably see these continue to replace the first time housing market, as one of the best alternative options for young families. With housing prices stabilizing and starting to climb again, young couples should start doing their research on this market. If the new legislation for first time buyers comes through, this will only get more competitive. Contact me if you haven’t heard of the proposed legislation and its timeline!
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