No update from RTB in August.

- Provided by Garret Wong, Upper Edge Property Management

The total number of active MLS listings in August was 4,209 which is up 12% over last year and down 1% over the 5-year average.

The total number of sales in August was 1,395 which is up 2% over last year and down 9% over the 5-year average.

Detached home sales in August were 1,013 which is up 2% over last year and down 7% over the 5-year average. The average price of homes this month was $405,477 which is about the same as last month when the price was $406,209.

Condominium sales this month were 194 which is up 1% over last year and down 4% over the 5-year average. The average price of condominiums this month was $279,055 which is up 9.4% from last month when the average price was $255,206.

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 August was 3.02 which is keeping us in a mild seller's market!!!

--Provided Nigel Nolin & Chaymaine Roberts

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