I should have asked for a pony.
Have you ever had a time that you asked for something and you got it and then thought that maybe you should have asked for more? Last month I did some interviews and a blog indicating that inventory was down for the year, and down by quite a bit. Well I don’t know if it was coincidence or because of that, but inventory levels as of the end of July were back to normal, thanks to a huge jump of houses coming onto the market. Last month saw 53 new listings in the city, a jump of over 50% from last year’s numbers. Normally that would be alarming, but in our case it was welcomed as it put the number of homes for sale back to basically the same amount as last year at this time. We are currently hovering around the 110 mark for listed properties and that is a more balanced number.
As for sales, January to July saw 159 sales, which is down about 20% on the year. However, let’s play with that a bit. If you factor out January and February, which you will all remember was slow because of the oil prices plummeting, sales numbers from March 1 to July 31 are actually up this year over last year. It is unfortunate that 2 months are wrecking my nice pretty stats, but the reality is that right now our market is healthy. Sales are more on par than they look and inventory levels are now back to a normal level so really our market is a lot stronger than almost any other market area out there.
Our median price is up 9.5% over last year, sitting at $262,900 and the average sale time in July was 38 days, down almost 33% from the 57 days it averaged in 2014.
So basically our market is busy, healthy and strong. And thanks to July’s inventory spike, we are back to a balanced market too. I should have asked for a pony.