Monitoring the Market – August 2021 Real Estate Stats
Again, last month, sales of both residential and condo properties went down. And again, prices went up.
Some members of the media speculate that this is a trend and the market is slowing. While we have definitely cooled off from the fast pace and eye-watering prices of the winter and spring months, August is often slower. It’s a month when many head to cottages and take vacations.
I usually find the Cumulative Days On Market (CDOM) statistic very telling and last month, the average number of days a property (residential and condo) stayed on the market before selling was 24, up from 16 days in July. However, when compared with 2020’s robust market (when the average number of days was 23) the current average of 24 days to sell is not alarming.
The fact is, we continue to struggle with low inventory levels and strong demand, which puts us squarely in a seller’s market. It will be interesting to see what the September numbers tell us as the fall real estate market is now underway.