More sellers are listing their homes for sale and less buyers are looking to buy home. According to REBGV president said, “the mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers’ purchasing power and they’re being felt on the buyer side today.”
As a result, we are seeing the sales to active ratio declining except for single family homes where the ratio stayed the same. Although the demands (ratio) for townhomes and condos were lower in April than in March, they remained in the sellers markets.
The sales-to-active ratios for April 2018:
- For all property types, the ratio was 26% (down 4%, still in seller’s market)
- For detached home, the ratio was 14% (same ratio as last month, balanced market)
- For townhomes, the ratio was 36% (down 4%, still in seller’s market)
- For condos, the ratio was 47% (down 15%, still in seller’s market)
“Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we’ve seen in the past three years,” Phil Moore, REBGV president said.
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