The median sale price for single family homes and condos/townhouses has been bouncing around a bit over the past few months. Overall, the market is relatively flat compared with the same period last year, but buyer psychology has shifted somewhat. While many sellers are expecting a similar market to last year, buyers feel they have more choices and less urgency, and they’re taking more time to move forward with a purchase.
Price corrections are becoming more common, and we are seeing fewer offer deadlines and multiple offer situations. Attractive, well presented properties that are priced correctly continue to get good interest overall. However, depending on the price point and the city and neighborhood, these dynamics can vary so it’s more important than ever to have a solid understanding of local market trends.
Inventory for both single family homes and condos/townhouses is still quite low, indicating a seller’s market. While single family home inventory is unchanged, condo inventory has shot up.
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