We have your market update from the month of June 2018. While it seems that the market may have slightly cooled off, things are still up from last June 2017 and the market is still going strong.
The average residential sale price of a home is up 3.4% from last June at $449,200 while the number of homes sold is down 8% to 1,615 homes sold last month. The average condo sale price is $293,303, again up 1.2% from last year but the number of condos sold is well up as well, 11.5% to 455 sold last month. This is good news.
The average days on market for a residential home in June was 37 down 18% over last June and for condos was 52, down 27% over last June.
Inventory is turning over much more quickly likely due still to a lack of inventory on the market. It looks like we are still in the thick of a seller’s market with many buyers looking for that perfect home.
As always, please give us a call if you have any questions or concerns about your local neighbourhood. We would be more than happy to help!