It is good to see that there are a few, slight, positive changes starting to happen in the market that have been noted from last week's activity.
In the Keswick area, the # of sales for the past week are up slightly with the sales prices starting to stabilize with list-to-sales ratio at 97% on average. The number of true-new listings dropping by approximately 50%, and the sales being slightly up, we are now sitting with approximately 30 weeks of inventory, down by 54%. The days a listing is on the market is averaging 38 days...a little longer than what we have seen...however, the average current list prices are coming more in line with the current median sales prices.
In the Sutton/Jackson's Point area, like Keswick, the sales prices are up with a list-to-sales ratio of 99%...although the number of sales for this week have dropped by 50% from the previous week...might have something to do with the sales being up in the Keswick area...the number of new listings have also dropped slightly since mid-June. What is interesting is the average # of days on the market is down by 58%, however, with 59 weeks of inventory in this area (more than double what it was the previous week), it would appear that interest is veering away from this area and back into Keswick. It must be noted that this area (and the Pefferlaw area), have many waterfront/lakefront properties that do not necessarily follow the market trends and usually will take longer to sell due to their higher price point and the number of non-lakefront listings in the area are customarily less than the Keswick area.
Last, but not least, in the Pefferlaw/Udora area, we are seeing a different story with sales prices showing a downward turn to 96% from the 98%-99% of previous weeks. We are also seeing the same trend in this area with the # of sales being slightly up from the previous few weeks and, like Keswick, the # of true new listings have also dropped, by 50-60% from previous weeks. The average # of days-on-the-market stayed steady, however, with the increased number of sales and decreasing # of new listings, the 17 weeks of inventory we currently have is down by approximately 65%.
What does this all mean? Well, it means that buyer confidence is starting to build once again and sellers are realizing the shift in the market and are adjusting. The beginnings of stabilization in our local market. There are still a few hurdles to get over that comes when we have such drastic increases and activity frenzy such as: firm-deal buyer-remorse fallout, the over-speculative listing promises by ill-informed, non-caring real estate sales people (no, won't be any of our local agents who know better), and the interference of government upon a market that was already going through changes that would have naturally slowed the activity and ultimately, the prices. What we have to look forward to is that once these hurdles are overcome and summer vacation mode is over, we should start to see more activity...and do not be surprized if we get back to bidding wars again...just might be more in line with market prices than the last go-around.
Hoping this all helps....