July and August were quieter as expected. Prices dipped a little as buyers were harder to find. However, there was a definite uptick in activity and prices in the last week of August. I expect September and October to be busy.
Active listings have stopped increasing and have actually decreased by about 10% over the last couple of weeks. This will provide upward pressure on prices and downward pressure on days on market.
Key Insights for Buyers:
Buyers will need to act quickly and and will see more competition for in demand properties. There is still plenty of inventory but competition is picking up.
Key Insights for Sellers:
Sellers are benefiting from a drop in active listings. They can expect to sell their home or condo in 1-4 weeks depending on location and pricing strategy. This is a great time to list if you are looking to sell your home or condo before in 2021.
I am always happy to answer any real estate questions you may have.