DETACHED
Total sales continue to ease this for detached properties. The recent easing of sales activity and prices were not enough to negate the incredibly strong gains that we have experienced in the last 18 months. There were fewer new listings coming to market, especially for homes priced below $500,000. The market conditions remain tight for buyers looking to stay under half a million dollars. Meanwhile, properties in higher price ranges are seeing supply gains and supporting more balanced market conditions. Aside from pricing shifts, some homebuyers are also pivoting their home search to more affordable property types like townhomes and apartments. The lowered demand for detached homes has pulled back benchmark price to $633,000 but it is still more than 13% higher than last year.
SEMI-DETACHED
It was slim pickings for semi-detached homes in the month of August. There was a significant pullback of new listings compared to the sales activity this month. For the first time since April, the sales-to-new-listings ratio hit higher than 82%. Most of the sales this month were in the $500-599 and $700-$999 price ranges. Despite the tight market conditions, benchmark price still saw a ease compared to July, sitting at $569,300 but still more than 14% higher than August of last year.
ROWS & TOWNS
Let's talk about multi-family property types! Market conditions are still very tight for townhomes. Sales activity trended down from the previous month but this can also be attributed to the significant decline in new listings. The low inventory levels pushed the sales-to-new-listings ratio to 99%! This prevented any significant change for the months of suppylly; it is still under two months. Even with the tight market conditions, prices have remained pretty stable over the last few months. The benchmark price changed less than half of a percent from July, but at $361,300 it is still over 14% higher than it was same time last year.
APARTMENTS
MIP Award - Most Improved Player (or property, in this case I guess) goes to the apartment segment! Sales levels in ugust contributed to YTD record of 4,576 units. All of the arrows are pointing up for this market snapshot. There have been more options for buyers to chose from, which helped with narrowing the supply gap to 80.25%. There were 2.14% more sales in August compared to the previous month and and this pushed the benchmark price up to a modest gain to $277,700. We saw a shift towards more balanced conditions for apartments this year but we are still quite a way's away from peak prices in 2014.
Detached & semi-detached homes have hogged the spotlight for most of the year but it seems like multi-family property types like townhomes & apartments are stepping into the light. Inventory levels seem to be falling in all four segments so it may be a great time to talk to your neighbourhood realtor if you are thinking about selling your property. Do it while the competition is low! On the flip side, buyers! Did you have to pivot your home search? There is still time to get into your new (or next) home before the end of the year. Let's get you moved in before the holidays!
Source: creb.com
