For the third week in a row we are experiencing a continuation of a very active Spring Market. Sales in the Downtown Core have increased nearly 7% over last week. Our internal report indicates that, while activity has risen, the number of sales over or at asking price has declined by almost 30%, most likely due to the calming of pent-up demand immediately following the Easter long weekend. As the weather improves we expect to see a moderate increase in new listings which should continue into late June.
While the increase in home sales in the downtown core is further evidence that the market remains healthy, the increase is not yet keeping pace with a strong, and growing, first time buyer market which, for the last two weeks, has reported a near perfect 1:1 sales to listing ratio. The mid-market, those homes priced between $700,000 and $1.5M, has also experienced exceptional results with a sales to listing ratio approaching 65:100. In the luxury market, those homes priced at $3M and up, we see a continuation of a very slow sales trend. For the last two weeks, 64 homes were listed while only 8 sold.
Condo sales continue to improve (by 30% over last week) despite general media concerns about a lacklustre market. We see price declines moderating over the short term. For the third week in a row there have been an equal number of condo and home sales in the downtown core.