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Sales to active ratio:
- Sept 2024 = 11%
- Detached homes = 3%
- Condos = 18%
- Townhomes = 12%
- Higher than last month = 10%
- Same as Sept 2023 = 11%
- Lower than 5yr Sept average = 25%
- Lower than 10yr Sept average = 25%
- **Buyer’s market = <12% / Balanced market = 12%-20% / Seller’s market = >20%**
Sales:
- Sept 2024 = 33
- Lower than as last month = 35
- Higher than Sept 2023 = 26
- Lower than 5yr avg = 64
- 48% Lower than 5yr avg
- Lower than 10yr avg = 58
- 43% Lower than 10yr avg
Inventory:
- Sept 2024 = 308
- Lower than last month =333
- Higher than Sept 2023 = 241
- Higher than the 5 yr avg = 286
- Higher than the 10 yr avg = 265
In a nutshell
Still pretty slow. Sales to active ratio was at the high end of a buyer’s market, sales about 1/2 of average levels, inventory about 20%-30% higher than normal. 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 still a buyer’s market, likely picking up in early 2025.