Wednesday, August 1, 2012

July 2012 - sales slowing down!

There were 234 sales in July a drop of more than 20% from this June and almost 35 % less than a year ago. Prices are about the same as a year ago with the average 2 storey home selling for about $800,000 and this July's average was $803,000. That's down from June 2012's $840,000 average.

In concert with that news is the time it is taking to sell is about twice as long with the average days on market at 57 days. As a result we are seeing many price reductions and home owners are becoming more comcerned about getting their homes sold.

The rental market is relatively hot by comparison. There were 89 rental transactions during the month 1 in 4 of which were for condo apartments.

Although the Feds have recently teightened mortgage rates financing is becoming cheaper. You can get 5 year money for about 3.09% & 5 year variable at 2.80%.

The global economy remains very unstable and the economic data out of Europe is not positive. Spain & Greece have unimployment rates of 24% & 22%, respectively while France & Italy have double digit unimployment rates. The road ahead looks rough.