This is a weekly YoutTube vlog series dedicated to informing YOU about the last week's market movements.
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Overall we are seeing a plateau of listings in all segments which is down roughly 30% from last year, while prices are up by nearly 10% from this time last year.
In the condo market, we saw an increase in the number of listings which stands at just over 100. However, there was a definite pullback in pending, at only 68 for both segments, which is down 25 from last week. This COULD BE another early indication that buyers are backing down a bit. We will have to see if the DOM market raises as the next indicator for a buyer slowdown. Since Condos are entry-level for a lot of buyers who are single or without kids looking for a more affordable option, this is a great indicator of what’s happening to younger first-time home buyers.
Single Family Homes
In the Single Family Home Market, listings are still on gradually rising with 63 this past week. Pending’s remain about the same too with Days On Market remaining the same as last week. This segment usually consists of households with children and are usually move-up buyers looking for more space.
In the luxury Home Market, we saw another week much like the previous, with about 20 homes hitting the market and most homes sold in under 2 weeks. We are seeing proportionately more listings in this market than last year in comparison to the under 2M Single Family Homes. This is most likely due to the demand for larger homes driving more homes into this segment from the under $2M segment.
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Also, if you are wondering if this is a good time to buy or sell for your family, give me a call for a free consultation.