Upper end sales trend continues

May has been a busy month with 258 condo and home sales and 81 rental sales. And we still have a couple of days to go.

30 homes traded at or above one million dollars, that's three times as many as we saw in April. There were also 100 sales between $500,000 and $1,000,000. The average sale price for detached homes bumped up slightly year over year for May to $645,600 from $629,000. That equates to about 2.50%. The market has also seen a sprinkling of multiple offers.

Homes & condo's have taken about a week longer to sell averaging 42 days on the market compared to May '08's 34 days.

Financing is still very attractive with 5 year money holding steady in the 3.60% range and variable rates approaching 2.65% or, prime plus 15 basis points.

April 2009 sees more upper end sales

It's been a terrific month considering the world economic climate. April had 359 sales down less than 20% for the same period last year when the markets were humming along. There were 10 sales over a million dollars almost doubled March's number of 6 transactions. The highest sale was $3,450,000. In addition, there were 97 sales between $500,000 & a million dollars, and that represents a 70% sales volume increase over March.

April had 57 rental sales, 18 of which were condo apts.

The average time on the market for non-rental sales was 45 days.

Five year money can now be had in the 3.60% range and if you choose the variable rate it approximates 3.15%. A great time to buy as an investment or, for your own enjoyment.