As you can see, the trend in pending and closed sales continues to fall, but prices are proving to be pretty slow to drop in response to the increased lack of affordability. One of the more affected markets is condos. As you can see, there is a significant differential between inventory and sales. This situation will get even more dramatic as the lenders develop stricter guidelines for underwriting condos this month.
There are going to be many buildings that no longer qualify for financing until they clean up their books and take care of low reserve accounts. If you have any questions about how this may affect a property you own or are considering, please call us.
View the most recent market action report here>>