We are entering the summer doldrums. Prices have flattened out this month. We've actually seen a fall in prices in the condo and duplex market.
SFD $391,497 Up 0.4% from last month
CONDO $242,644 Down 2.4% from last month
DUPLEX/ROWHOUSE $306,905 Down 4.5% from last month.
The big news is the inventory has risen. We are up to 9406 properties for sale, combine that with 1539 sales last month and that translates into a 6.1 month supply of inventory. 6 months is the borderline between a buyers and a sellers market. So, officially we are dipping into a buyer's market. I expect to see our prices stabilizing and softening as we go into the fall. This is a normal annual occurence, but the excess inventory may add to the softening.
The good news is that the inventory appears to be peaking out, July's inventory level should be similar to the end of June. So, the buildup in the number of listings for sale appears to be ending.