We are still seeing strong sales for condo apartment and row townhouse properties. We saw declines in other property types which caused city sales to ease by 12% compared to last September but well above long term trends.
While demand is easing, especially for higher priced detached and semi-detached product, buyers are still active in the affordable segments of the market. We are seeing new listings ease, preventing the market from becoming oversupplied and supporting more balanced conditions.
In September, new listings declined by 10%. The adjustments in both sales and supply levels have caused the months of supply to remain relatively low at less than 3 months. The shift to more balanced conditions is causing some adjustments in home pricing. Prices have slid from the highs seen in May but the benchmark prices are still 6% higher than the beginning of the year.
Detached – 6 consecutive month, sales activity has slowed in the detached market. The recent decline in sales has been mostly driven by a reduction in the under $500,000 segment of the market, as a significant reduction in supply for those price ranges have left little options for potential purchasers. The higher price range group has reported the largest growth in new listings and overall supply levels. Detached prices eased by nearly 1% with the largest decline inner city.
Semi-detached – further pullbacks in sales this month was enough to cause the months of supply to push up. With less than 3 months of supply, conditions remain relatively tight for this property type. Prices still tended down.
Row – sales activity improved over last years levels, contributing to the year to date record high pace of sales. Recent pullbacks in new listings and strong sales activity have caused inventory levels to remain low, keeping the months of supply below 2 months. Prices stayed mostly unchanged compared to last months and are 15% higher than prices reported in Sept 2021.
Apartment – a new September record sales sees a 60% gain over last year. New listings also improved preventing some easing in inventory levels. Unlike other sectors, since 2016 inventories have been higher. The strong demand this year caused this market to shift from buyer’s market to relatively balanced. These conditions prevented any significant shifts in price. They remain 10% higher than last years levels but remain below the 2014 high.