This summer has certainly flown by, it's hard to believe it is September already.
The real estate market cooled down somewhat during August with the average sale price of a detached 2-storey home dropping 6% from last month to an average sale price of $2,037,500. Year over year we are down 16%.
Sales volumes for both "for sale" and "for lease" properties were also lighter than a year ago. Eighteen for sale properties closed this August compared to 109 a year ago. The rental market activity although down was similar to a year ago with 60 leases during the month compared to 70 in August 2022.
And it took about a week longer to sell on average with the average days on market coming in at 35 days.
If you were to go back 5, 10 or, even 20 years ago you most likely could not have anticipated such a run up in prices. So smile and be thankful!
