Last October, a total of 5,988 new listings brought overall inventory to 10,357 homes for sale. The average number of days on market remained steady at 47. While average sale prices continue to trend downward, buyer activity varies by housing type compared to the same period last year.
Below are the average sold prices for key housing categories, along with year-over-year (YoY) comparisons for both prices and sales. Figures in parentheses reflect September data for month-over-month context:
Detached Homes Average price: $1,619,047 ($1,686,013) — down 9.1% YoY (0.8% MoM) Sales: down 10.4% YoY (12.5% MoM)
Semi-Detached Homes Average price: $1,219,254 ($1,181,672) — down 6.9% YoY (8.9% MoM) Sales: unchanged YoY (17.6% MoM)
Townhomes Average price: $890,678 ($929,597) — down 13.8% YoY (4.9% MoM) Sales: up 12.6% YoY (39.2% MoM)
Condos Average price: $699,241 ($681,115) — down 2.7% YoY (3.8% MoM) Sales: down 8% YoY (7.4% MoM)
In September, prices declined across all housing types, but sales activity increased year-over-year. October continued the downward pricing trend, though sales performance was mixed: detached and condo sales weakened, semi-detached sales remained flat, and townhome sales rose. Surprisingly, condos show the least annual price decline compared to other housing categories.
Month-over-month, nearly 300 more homes sold in October than in September. Average sale prices declined for detached homes and townhomes, but rose slightly for semis and condos. While the interest rate cuts have provided some relief, ongoing economic uncertainty continues to weigh on buyer sentiment. With ample inventory, buyers remain selective and are negotiating prices downward. If the pace of new listings continue to slow, prices may become more stable in the coming months.
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