September Market Update…
Information Summarized from SRAR October 1 st Media Release
For the month of September, unit sales were down by 13% with 304 units selling as compared to September of 2009. Year to date unit sales are down 7% with 2,830 units having sold. The average time on the market was 39 days. The greatest sales activity remains in the $300,000.00 to $350,000.00 price range.
The average residential selling price in September was $312,582.00 up 12% from September 2009. Year to date the average selling price is also up 6% and stands at $294,465.00. The increased average selling price indicates sustained activity in the mid to upper price range. Another contributing factor is with new home construction being active, numerous new homes are being sold through the MLS® system. Often these new homes are in the mid to higher price range impacting the average selling price.
Year to date REALTORS® have sold $833,335,308.00 of real estate down 2% from 2009. Listing numbers are up 15% from September 2009 with 594 properties being listed. Year to date, the listings taken number is up by 3% with 5,626 properties being placed on the market. Home buyers had 1,304 homes to select from at the end of September.
The market softened somewhat in communities around the city. 79 sales took place, down 34% from September 2009. The average selling price for September in these communities was $249,825.00, that number down 8% from September 2009. Listing numbers were down slightly in the month of September with 272 properties being placed on the market down 7% from September 2009.
Consumers continue to express their confidence in the local economy as evidenced by their buying patterns. Employment numbers continue to increase. New home construction is doing well, retail sales are strong and when coupled with low interest rates conditions are favourable for a sustainable market environment. Sales and listing activity is expected to remain similar throughout the fourth quarter.