Is the market slowing down?
- There are fewer sales. Each month since November 2018 has shown year over year declines in the number of closed sales.
- Prices are still increasing. (Although the pace of price increase is slowing down).
- Affordability remains a concern. The housing affordability index continues to decline, meaning that homes are less affordable.
- It’s taking longer to sell. The median days on market is now 46 for Single Family Homes and 50 for Townhouses/Condos. Those are the highest numbers we have seen in a year.
What does this all mean?
The market is changing, but it is nowhere near a Buyer’s market (yet). Buyers are still competing if the home is “the best”- meaning priced right and looks great. But- many…