91 residential homes and 46 apartments listed for sale last week bringing the total number of apartments up to 302 for sale and 782 residential houses. There were 70 residential sales last week with an average sale price just slightly above $600,000. There were 29 apartment sales this past week.
So this is a little encouraging. Not very, but a little. I guess this is going to be the market we’re going to have to become accustomed because there doesn’t seem to be any changes coming our way. Prices appear to have stabilized despite high demand/low supply which I think is healthy for a sustainable housing market where average wage earners can still live here (barely) and young people aren’t running for exits.
Condo sales are outpacing last year’s torrid pace 150 to 141 while residential is behind a bit with 294 sales this year compared to 302 this time last year. In other words it’s almost a carbon copy of last year and despite tougher mortgage financing rules impacting buyers, we’re doing as well as we did last year. I don’t think things will change too much as the year progresses.