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February stats

The sales statistics for February are in. There were 35 sales of detached homes. That’s similar to January’s total of 36, but down from the 44 sales noted in February of 2017. This is the first time in a year where the monthly sales total was less than the corresponding month from the year before. The Benchmark Price – that is, the price of an average home in an average area – rose only slightly to $585,200. We feel this value will bear watching. This is the 3rd straight month of little or no movement in the Benchmark Price. It could be an indicator that prices have peaked, at least temporarily. With land, there have been 24 sales year-to-date vs 21 last year. Increases in the price of land are keeping pace with other sectors and, like other sectors, supply is an issue. Apartments and condo sales totaled 11 – the exact same number as January, but a long way off last February’s total of 25. While we remain confident in the popularity of attached housing, we are finding it difficult to predict that market, given the current shortage of supply and lack of new projects. Summing up, the message for those who may be considering selling: we need listings! If you have property to sell, there’s never been a better time!