Monitoring the Market – September 2021 Real Estate Stats
In my experience there is a rhythm to the real estate year; September is when the fall real estate market kicks in to high gear. Having relaxed over the summer, people are in back-to-work mode and children are back in school. Those who have been preparing their home to sell over the summer get listed in September and October, with the hope of moving before the snow flies and the holiday season arrives.
This year, in spite of a federal election (when real estate activity often slows down) and the ongoing pandemic, September was a fairly normal month. The market remained steady, and though total property sales were down, sale prices continued to climb. Prices for residential freehold properties and condos were up 13 and 14% respectively year-over-year. (Year-over-year is just a fancy way of saying, “compared to the same time period last year.”). Finally, the number of Cumulative Days On Market (CDOM) increased slightly year-over-year from 23 days in 2020 to 26 days in 2021. Comparing September to August, the CDOM increased slightly from 24 days in August to 26 days in September.