October showed increasing signs of stability and a trending back towards a balanced market. Sales activity rose 27.4% over last month, though remained 16.7% below the same time last year. New listings declined 18.8% compared to September and 1.2% over October 2011. Price fluctuations vary greatly between market segments, so we will have a look at that below. Overall, the sales-to-active-listings ration increased from 8% in September to 11% in October.
Attached properties saw a decline in sales of 22.1% compared to last year and but an increase of 17.3% compared to September. Active inventory remained flat but rose 30.9% when compared to the same time last year. This translated into a 4.5% drop in average pricing from last year and a rise of 3.5% over last month. The entry level 2 bedroom market between $500-600k leads the way here with an absorption rate of 11%
Detached homes showed a 9.6% decrease in sales over September numbers and 32% over last year. Average pricing is actually up 3.2% over last year, though they have slipped 3.9% compared to last month. The hotspot here is the sub-$1m market, though the sample size is small.
Attached property sales improved 3.4% over August but slipped 34.4% compared to last year. This was associated with an 8% drop in average pricing over last year with virtually no change since last month. The $400-500k range is fastest selling product type here which often equates to entry level 2 bedroom units.
Detached homes sales slipped 16.4% off of September numbers and 41.4% off of last year. This decline in sales has translated into a slight decline in pricing of 5%. Listing inventory declined over last month and the sub-$800k mark remains strong.
Sales activity dipped 3.7% over last month and 32% over last year. Average pricing has dropped over 20% compared to last month, but just 3.2% when tracked against October 2011. Inventory levels are fairly consistent both compared to last month and last year. The sub-$300k market is busiest segment downtown.
Attached properties slipped 39.1% over the past year but rose 20.5% over last month. Inventory levels are up slightly over last year at 12.8%. Breaking the trend, prices are actually up 17.2% over last year. The mid-level markets between $400-700k all performed well here.
Detached home sales have increased 26.3% in the past month while falling 32.4% compared to last year. A 3.4% increase in average sales prices was noted compared to last October. The $600k - $1m range remains strong with collective absorption rates hovering around 20.5%.
Even with some positive signs of stability coming back into the market, look for the current buyer's market to continue through the Spring while slowly levelling off. Homes that show well and are priced accurately continue to sell quickly as there is a noticeable lack of quality product on the market despite the elevated inventory levels (though the number of new listings may slow as we enter the holiday season).
If you have any questions, don't hesitate to touch base.
Unique Homes Blog
STAND OUT SHELF DESIGN
Not so much a unique home, as part of a unique home. This shelf is visually intriguing and equally useful. A stunning way to display some of your most precious artifacts, books and whatever else deserves the attention. Fairly easy to do, any good wood worker would be able to create something similar. Read the rest of my post and see more pictures on my Unique Homes Blog >>
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