Market activity continues to be slower both as compared to a year ago and to the month of July. If this seems repetitive, I apologize but I think it is safe to say it is not a market  pause : but a new market reality. Individual categories differ greatly with single family being the hardest hit and shared ownership showing the most resilience in terms of number of transactions.

Despite the drop in sales activity, average transaction values are still holding up with a 6% increase. I suspect most of this occurred in the first quarter of the year. I expect we will see some downward pressure on this as the drop in activity starts to impact decision making. I want to emphasize as I did last month that the market is not “crashing” or “falling”, it is simply moderating/consolidating to a historically normal framework. 

If you would like to know how the current market trends will affect your ability to buy or sell please don’t hesitate to contact us.

This email address is being protected from spambots. You need JavaScript enabled to view it.This email address is being protected from spambots. You need JavaScript enabled to view it..