Many home buyers were active in the real estate market this past July. Residential unit sales were up 28% with 440 units selling as compared to 2008. The average selling price continued to correct ending off the month at $283,619, down 3% from last July.
Listing inventories continued to correct during the month of July with 1,291 homes being available for purchase. This number is down significantly from a high of 1,748 homes for sale in September 2008. Inventory levels at this time of the year in 2004, 2005 and 2006 stood typically between 700 and 800 properties for sale.
Sales activity in the areas surrounding
Consumers are expressing a general confidence in the local economy which is translating into home purchases. Interest rates are excellent, the job market is remaining steady, all contributing favourably to those wanting to enter the housing market. Market activity is expected to remain constant for the remainder of the year.
Information summarized from the SRAR July media release