Over the past four days, 14% of sales have been for list price or higher. For a healthy market, that’s still higher than I’d like to see it.
A 1990 sq ft 2-storey home in Citadel which was listed for $434,900 was sold for $445,000. It was only on the market for two days.
More indicative of the market is the sales-to-new-listings(SNL) ratio at 80%. The average SNL in July since 2006 has been 59%.
The absorption rate of 2.0 is also in seller’s market territory. This means we have a 60-days supply of listings. We normally have a 102-day supply in July.
I don’t normally pay much attention on this blog to the condo market, but the SNL ratio for condos in July is a phenomenal 95%. It’s usually at 59% in July.