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Sales to active ratio:
- Sept 2024 = 16%
- Detached homes = 7%
- Condos = 10%
- Townhomes = 42%
- Higher than last month =15%
- Higher than Sept 2023 = 14%
- Lower than 5yr Sept average = 23%
- Lower than 10yr Sept average = 24%
- **Buyer’s market = <12% / Balanced market = 12%-20% / Seller’s market = >20%**
Sales:
- Sept 2024 = 37
- Higher than last month = 32
- Higher than Sept 2023 = 27
- Lower than the 5 yr avg = 49
- 24% Lower than 5 yr avg
- Lower than the 10 yr avg =46
- 20% Lower than 10 yr avg
Inventory:
- Sept 2024 = 228
- Higher than last month =214
- Higher than Sept 2023 = 207
- Same as the 5 yr avg = 228
- Higher than the 10 yr avg = 212
In a nutshell
Sales were a bit less than average for this time of year, inventory is right at the 5 yr average level, meaning sales to active ratio is less than average, but it’s right in the middle of a balanced market. Rates have dropped 3x so far in the last few months, forecasts are for more rate drops in the near future. The market overall is balanced, a bit slow but not crazy slow, likely picking up in early 2025.