At the same period last year, 85 resale homes (77 residential & 8 condominiums) were listed in the month of June while 84 homes (77 residential & 7 condominiums) were listed in the month of July.
The average number of days a new listing remained on the market in the month of June was 12 days compared to 6 days in the month of July. On average properties were selling faster in June and July compared to the month of May which on average took 16 days to sell.
On the down side, the total number of home sales decreased dramatically this summer compared to the number of resale homes sold in the month of May. The total number of resale homes sold through the board’s Multiple Listing Service in June was 46 homes (42 residential & 4 condominiums) while only a mere 8 homes of the 85 listed in the month of July sold (8 residential & 0 condominium)!!!! However a total of 42 homes sold in the month of July (36 Residential and 6 condominiums). At the same period last year a total of 52 (44 residential & 8 condominium) resale properties sold in June and 49 resale properties (42 residential & 7 condominium)sold in the month of July.
Overall, most properties seem to be sitting on the market in the Stittsville area these hot summer months! The heat wave is surely keeping residents near their pools, cottages and in their A/C homes! Could the new mortgage rules also have scared away some potential buyers, perhaps fear of rising interest rates? Sellers don't despair, we typically see an increase in home sales in the months of September and October and interest rates are predicted to remain steady for a couple more years.
Refer to the following table for a statistical breakdown of homes listed in the months of June and July based on price range.
Table 1: Freehold Residential Properties Listed in June, 2012
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