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Sales to active ratio:
- Aug 2024 = 11%
- Detached homes = 2%
- Condos = 18%
- Townhomes = 10%
- Higher than last month = 8%
- Lower than Aug 2023 = 17%
- Lower than 5yr Aug average = 21%
- Lower than 10yr Aug average = 22%
- **Buyer’s market = <12% / Balanced market = 12%-20% / Seller’s market = >20%**
Sales:
- Aug 2024 = 35
- Higher than as last month = 26
- Same as Aug 2023 = 35
- Lower than 5 yr avg = 48
- 27% Lower than 5 yr avg
- Lower than 10 yr avg = 55
- 36% Lower than 10 yr avg
Inventory:
- Aug 2024 = 324
- Lower than last month =338
- Higher than Aug 2023 = 208
- Higher than the 5 yr avg = 265
- Higher than the 10 yr avg = 282
In a nutshell
Below average sales (not dramatically lower, about 3/4 of the average) coupled with well above average inventory levels, equates to well 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!