Current Overview of the Property Market as of September 2009

Currently in the Multiple Listing System, there are 1944 active listings totaling 1.78 billion USD. This compares favorably with the market one year ago when there were 2013 active listings valued at 1.89 billion USD.   While the market continues to plod along slowly, the amount of property on the market is slowly decreasing, surely a good sign.   There are reports of increased interest in beachfront condominiums and this will likely be reflected in future stats.
 
Real estate sales figure for June, July and August 2009 were off a bit compared to the same period last year.   Thus, it seems that despite renewed interest in real estate in general, the market had not yet reached its lowest point prior to this summer.
 
The Government allowed the stamp duty concession to expire at the end of September, so, those who did not take advantage of this incentive will have to pay the normal fee.
 
Looking back over the last twelve months, the value of the average home sold has decreased from $855,000 to $589,000.   However, these homes are now selling a bit faster with the average time on the market falling to 328 days compared to the average of 368 days a year ago.  The value of existing homes is not falling, indeed, the selling price compared to listing price improved marginally.  What is happening is that a greater percentage of the homes that are selling are those at a lower price.
 
The average value of condos sold has decreased from slightly $594,000 to $537,000.   The average sale price compared to original listing price decreased slightly this year from 94% last year to 92% this year; again, showing that condos are retaining their value but slightly less expensive ones are selling a bit more rapidly.
 
While it continues to be a buyers market, the reports from our members reflected renewed interest and in the not to distant future, we expect to see prices on the rise.  

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