Single-family homes saw fewer sales during the third quarter, but the homes that did sell commanded higher prices than they did a year ago. Buyers are taking a little more time to make decisions, with slightly more inventory available than last year. Overall, demand remains solid for well-positioned homes, particularly those that are priced appropriately for today’s market.
The condo and townhome market was a little softer, with pricing moving lower and properties taking longer to sell. Buyers now have significantly more options than they did a year ago, giving them more time to compare properties and make decisions. This makes thoughtful pricing and good positioning especially important in this segment.
Land sales were also quieter, with fewer properties selling than last year. However, the properties that did sell were generally higher priced, helping overall sales volume increase despite the smaller number of transactions. Land also moved faster than it did a year ago, suggesting buyers are still willing to act when the right property comes along.
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