No update from RTB in July.

- Provided by Garret Wong, Upper Edge Property Management

The total number of active MLS listings in July was 4,298 which is up 16% from last year and almost identical to the 5-year average.

The total number of sales in July was 1,365 which is down 11% from last year and down 14% over the 5-year average

Detached home sales in July were 971 which is down 13% from last year and down 14% over the 5-year average. The average sale price this month was $406,209 which is down 2.9% from last month when the average price was $418,158.

Condominium sales in July were 202 which is down 9% from last year and down 3% over the 5-year average. The average sale price in July was $255,206 which is down about 1.3% from last month when the average price was $258,170.

Absorption Rate:

Sellers Market = 0 - 3.5 months of inventory

Balanced Market = 3.5 - 4.5 months of inventory

Buyers Market = 4.5+ months of inventory

The absorption rate in July was 3.15 which puts us just barely in a seller's market! As we head into fall, we're likely to continue trending into a balanced market.

--Provided Nigel Nolin & Chaymaine Roberts

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