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Sales to active ratio:
- Aug 2024 = 15%
- Detached homes = 17%
- Condos = 12%
- Townhomes = 14%
- Lower than last month =23%
- Lower than Aug 2023 = 27%
- Lower than 5yr Aug average = 23%
- Lower than 10yr Aug average = 24%
- **Buyer’s market = <12% / Balanced market = 12%-20% / Seller’s market = >20%**
Sales:
- Aug 2024 = 32
- Lower than last month = 53
- Lower than Aug 2023 = 47
- Lower than the 5 yr avg = 42
- 24% Lower than 5 yr avg
- Lower than the 10 yr avg =47
- 32% Lower than 10 yr avg
Inventory:
- Aug 2024 = 210
- Lower than last month =228
- Higher than Aug 2023 = 175
- Higher than the 5 yr avg = 200
- Lower than the 10 yr avg = 211
In a nutshell
Below average sales (not dramatically lower, about 3/4 of the average) coupled with average inventory levels, equates to below average sales to active ratio, which is the true measure of the strength of a market. That being said, 3 rate drops in a row and government initiatives will likely kick start the fall market coming up!