The window of opportunity for buyers has officially closed. We have seen a seasonally appropriate decline of total homes for sale, but we have not seen the buyer decline to match.
For houses, buyer demand is down 12% over the last month, but the number of homes for sale is down by 35%. That leaves a lot fewer homes for the active buyers, therefore increasing demand and creating competition. Overall condo supply is down 31%, but buyer demand is actually 15% HIGHER than it was a month ago. Since we had a surplus of condos for sale, the buyer demand has moved us entirely into a competitive market yet, but it has put some life back into a lagging condo market.