10/04/2022
TEAM RED LEAF
September 2022: CREB has released last month's market
statistics. Here is a snapshot of the report as stated by
CREB.>>>
"Strong sales for condominium apartment and row properties
was not enough to offset declines reported for other
property types. This caused city sales to ease by nearly 12%
compared to last year. However, with 1,901 sales in
September, activity is still far stronger than levels achieved
prior to the pandemic and is well above long-term trends for
September. Despite recent pullbacks in sales and thanks to
strong levels earlier in the year, vear-to-date sales remain
15% higher than last year's levels.
"While demand is easing especially for higher priced
detached and semi-detached product, purchasers are still
active in the affordable segments of the market, cushioning
much of the impact on sales," said CREB® Chief Economist
Ann-Marie Lurie. "At the same time, we are seeing new
listings ease, preventing the market from becoming
oversupplied and supporting more balanced conditions."
In September, new listings declined by 10%. With a sales-to-
new-listings ratio of 72% it was enough to prevent any gain
in inventory levels, which declined over last month and were
nearly 21% lower than last year's levels. The adjustments in
both sales and supply levels have caused the months of
supply to remain relatively low at less than three months.
The shift to more balanced conditions is causing some
adjustments to home prices. While prices have slid from the
highs seen in May, as of September, benchmark prices
remain 11% higher than last year and 6% higher than levels
reported at the beginning of the year. - (creb. September
2022)
For the full article head to >>> https://www.creb.com/
Housing_Statistics/