The summer market, simply put, is on an  even keel.  The number of properties sold each week over the past 7 weeks has fluctuated between 108 to 144, for an average of 126 weekly Sales.  At the same time, the number of new listings coming to the market each week has averaged 196, with very little fluctuation.  This is a nice balance.  The important change to note is that the total number of properties listed for sale has decreased by 15% since the end of June, offering buyers a bit less choice.  Although the Prime Interest Rate has risen, the fixed rates have actually declined a bit.  This is a good time for buyers, as the selection is good, interest rates are still very attractive, and some Sellers are a bit more willing to negotiate their price.

There has been wide speculation the prices will crash, but as long as the market stays balanced and interest rates remain low, prices will remain stable.  There has been only a marginal decrease in prices in both Detached and Attached homes when one compares the First Quarter of 2010 with the Second Quarter.  The average Days on Market during the first 2 quarters was around 35 and in the past thirty days, it is approximately 45.  This is not unusual, as many people are away on vacation.