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Sales to active ratio:
- July 2022 = 9%
- Detached homes = 7%
- Condos = 6%
- Townhomes = 16%
- Lower than last month = 17%
- Lower than July 2021 = 50%
- Lower than 5yr July average = 23%
- Lower than 10yr July average = 19%
- **Buyer’s market = <12% / Balanced market = 12%-20% / Seller’s market = >20%**
Sales:
- July 2022 = 20
- Lower than last month = 35
- Lower than July 2021 = 75
- Lower than 5 yr avg = 48
- 58% lower than 5 yr avg
- Lower than the 10 yr avg = 51
- 61% lower than 10 yr avg
Inventory:
- July 2022 = 227
- Higher than last month =208
- Higher than July 2021 = 150
- Lower than the 5 yr avg = 241
- Lower than the 10 yr avg = 339
In a nutshell
What a roller coaster. After years of repeating the same phrase “it was the highest (insert almost any month here) for sales in the last decade”, it went to “it was the lowest July for sales in the last decade”. Full 180. Inventory is up, but still historically low. Sales are low. Some good buys out there, still a good time to sell if you believe the market will continue to drop.