I hope you are doing well and found some time to enjoy the summer. As we get back into the swing of things this September I thought I would reach out to update you on what has been going on in the Residential Real Estate World.
It has been a busy summer for Residential Real Estate, with interest rates creeping down, more buyers have entered the market driving the number of sales up over the summer, over 12% to be more specific. The number we also watch in relation to this is the number of current active listings. This number is down just over 11%, putting the months of inventory at around two months. If the market were not to see another listing we would be sold out of homes in just over two months.
With this steady demand for homes and condos, prices continue to appreciate at a healthy 3% for the year.
The condominium market continues to be active with prices up 6.2% over the same period last year. Sales volume also up over 3% as the condo market continues to be a more affordable way to enter the market for many first time buyers.
If you are considering investing in real estate and looking at the New Condominium market, many developers will be launching their projects this fall before the year wraps. Through my Brokerage I will have Platinum/front of the line access to many of these projects. Please don’t hesitate to reach out to me if you have any interest.
I am always here to help and happy to answer any of your real estate questions.
Karen
