With one third of the year under our belts, it is clear to me that the market is active, but no longer a sellers market. We have record inventory levels, in particular in the condo/multi family market. Overall unit sales are down, but sale prices are holding steady in the under $350k range, and condo sales. Homes between $400 and $550k are not selling as readily with the exception of newer homes. We have a new product on the market - Fairview Vilas Duplexes - and at $349,000 plus GST, they have proven to be a big winner with both empty nesters and first time home buyers.
As in any market, setting the right price for condition, location and age means everything. Average days on the market for homes sold is 69 so far this year, which is lower than last year, and our average list to sell ratio is 97.6%.
The biggest difference in Months Supply of Inventory. Last year in March we had 2.7 months worth of inventory. Today we have 14.8 - much of which can be attributed to a surge in single family listings and the construction of 2 multi unit apartment style condo buildings.
If you have questions or want to discuss your real estate needs, please call or email me anytime. firstname.lastname@example.org or 306-634-1020.