Significant inventory in October 2014 is putting pressure on holding prices down.
Buyers are realizing good opportunities exist to take advantage of all the choice and supply of listings in our current market.
MLS listings remain an important development in how the market is evolving this year.
New listings entered on the MLS in October were up 7% while the active listings or current inventory heading into November has risen 21% over the last year.
Three month streak of 5,000 MLS listings going into the next month came to an end though with more than 4,600 MLS listings available at present.
One of the impacts of higher inventory the last few months has been on condominiums sales activity.
Some of the empty nesters wanting to sell their bigger homes and get into a condomimium have experienced difficulty due to competition from similar empty nester properties being placed on the market.
This has resulted in a decline in condominium sales from what would have been expected otherwise.
Of the 114 copndominium sale in October only 5 sold for above list price with 4 out of 5 selling below list price.
The two leading property type sales categories of residential-detached or single family and condominiums are up 2 and 4 % respectivly to the end of October.
Vacant land sales are down 31% so are a drag on MLS total sales.
For residential-detached sales in October the two price ranges of $250,000 to $299,999 and $200.000 t0 $249,999 were evenly split at 21% each of total sales.
The $140,000 to $199,999 was next busiest at 13%.
One home sold for $1,625,000 while another went for $35,000. The average days on market to sell a residential-detached property was 36 days, 3 days slower than last month and a week off the pace set in October 2013.
The most active condominium price range for sales activity was from $150,000 to $199,999 at 37%.
Well back was the $200,000 to $249,999 at 21%.
The highest sale price was $740,000. The average days on market for condominium sales was 40 days,
the same as last month and 10 days less than October 2013.