Number of Sales:

• Up 3.3% year-over-year

• Down 1.7% month-over-month

Price Trend:

• Average price down 0.9% year-over-year

• Average price up 0.1% month-over-month

New Listings:

• Up 18.5% compared to July 2023

• Down 9.3% from June 2024

Active Listings:

• Up 55.4% from July 2023

• Up 1.1% compared to June 2024

Market Status:

• Sales to new listings ratio at 33% (compared to 35% in July 2023)

• Approximately 4.2 months of inventory, indicating a balanced market

Time on Market:

• Listings remained on the market for an average of 36 days, up 6 day from June 2024

Increased Choice: With a rise in new and active listings, buyers have more options to choose from.

Competition: Buyers are in the driver seat for now, but as the cost of borrowing goes down competition is likely to go up.

Move-up Buyers: This is a great time to move up the property ladder if you are looking to upgrade to a home with more space or property.

Selective Buyers: With more inventory available, buyers are becoming more selective and less aggressive.

Strategic Pricing: Properly pricing your home is crucial. It needs to be attractive enough to draw in buyers while still meeting your financial expectations.

Entry Level Homes Remain in High Demand: Homes under $1 million continue to generate considerable attention from buyers. Particularly entry-level townhomes and detached homes that are well-prepared.

Number of Sales:

• Up 3.3% year-over-year

• Down 1.7% month-over-month

Price Trend:

• Average price down 0.9% year-over-year

• Average price up 0.1% month-over-month

New Listings:

• Up 18.5% compared to July 2023

• Down 9.3% from June 2024

Active Listings:

• Up 55.4% from July 2023

• Up 1.1% compared to June 2024

Market Status:

• Sales to new listings ratio at 33% (compared to 35% in July 2023)

• Approximately 4.2 months of inventory, indicating a balanced market

Time on Market:

• Listings remained on the market for an average of 36 days, up 6 day from June 2024

Increased Choice: With a rise in new and active listings, buyers have more options to choose from.

Competition: Buyers are in the driver seat for now, but as the cost of borrowing goes down competition is likely to go up.

Move up Buyers: This is a great time to move up the property ladder if you are looking to  upgrade to a home with more space or property.

Selective Buyers: With more inventory available, buyers are becoming more selective and less aggressive.

Strategic Pricing: Properly pricing your home is crucial. It needs to be attractive enough to draw in buyers while still meeting your financial expectations.

Entry Level Homes Remain in High Demand: Homes under $1million continue to generate considerable attention from buyers. Particularly entry level townhomes and detached homes that are well prepared.