On my last report I thought that our market is recovering slowly. Unfortunately the numbers for the first seven months are way off from last year.
Here are the numbers for the residential market (Only condos and single family homes).
The good news is that the numbers of sales (closed transactions) for the first seven months has gone up by a 10%. The bad news is that these numbers are only for properties under $1,000,000 US Dollars.
The total numbers of sales for all residential properties in all price ranges are down by a 6% to 224 transactions.
The total sales volume is down by 52% to $88,456,852 US Dollars.
Total numbers under contract are down a 10% to 262 transactions. The average sales price is down a 49% to $395,000 US Dollars.
Now let's see how the numbers look like for the condo and single family home market:
The first seven months of 2015 the total number of closed transactions for condos is down by a 24% to 93 units. The total sales volume is down by 40% to $30,747,000 US Dollars. The average sales price is down a 21% to $331,000 US Dollars. The list to sales ratio is down by three points to 88%.
Closed transactions for single family homes is up by 13% to 131 units. The total sales volume is down by 56% to $57,710,000 US Dollars. The average sales price is also down by 61% to $441,000 US Dollars. The list of sale ratio is down five points to 85%.
These numbers reflect a lack of sales for properties above one Million US Dollars. Total numbers of closed sales for properties above $1,000,000 US Dollars is down a 65% to only 17 closed escrows. The total sales volume is down by 81% to 23,803,000 US Dollars. The average sales price is down by 46% to $1,400,000 US Dollars.
The market for properties below one Million US Dollars looks much better. Total numbers under contract went up by 6% or 232 accepted offers. Total units sold is up a 10% to 208 units and the total sales volume is up by 11% to $65,239,000 US Dollars.
If you would like to receive an update on a specific neighbourhood please let me know and I'm more then glad to provide you with the numbers. For more info click here