The real estate statistics for September are in. There were 36 sales of detached housing, up from the 29 sales in August. However, the YTD total of 432 is down 34% from last year. The Benchmark Price – that is, the price of an average home in an average area – dipped 1% to $946,500, the 4th decease in 4 months. These statistics confirm downward pressure on prices. With condo’s and apartments, there were 6 sales, similar to August. However, the Benchmark Price for both categories dropped significantly – 9.8% for apartments, 3.5% for townhomes. These declines are the steepest we’ve seen of any category so far this year. As for vacant land, there were no sales in September. And the 89 sales YTD sales are also more than 40% off 2021. The Benchmark Price for land is not available, but prices cannot stay the same amid this lack of activity. The Detached Sales to List Ratio is now at 11%, well into Buyer’s market territory. Will the trend continue? Stay in touch.
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