There were over 4,523 sales in the 3rd quarter 2021, more than triple the amount registered in the 3rd quarter of 2020 and still over 76% higher than the same period in 2019. It’s basically an all time record for volume of transactions.

Median sales price was at $1,115,000, up year over year by +1.4% and by +8.8% from the same period two years ago. While the average sales price was $1,874,942, down 14% from 2,179,777, skewed lower by the fact that the mix of apartments-sold included more units of smaller dimensions.

But how long did it take to sell an apartment? Sellers: you might wanna pay attention here.

152 days was the overall average for the 3rd Q, up 6.3% compared to last year. However, listings that were priced correctly and required no price adjustment sold within an average of 78 days and accounted for 30.3% of all sales, which means that only one in three homes was priced correctly from the start.

Those listings that did require price adjustments took an average of 181 days to sell, so 103 days more than a property priced correctly.

Now, if you are looking to buy, let’s consider these other key statistics:

• The Listing discount stood at 5.6%, down from 8.9% in the year-ago quarter.

• The market share of cash purchases reached 48.6%, the highest share in two and a half years.

• The number of apartments sold ABOVE asking price, in a bidding war scenario, rose to 8.3%, the highest market share in three years.

What are these numbers showing?

That competition is intensifying, buyers more and more often have to fight for well priced properties, and despite the low mortgage rates, are “forced” to offer cash in order to win.

So, even though not yet at “full strength,” for example, the number of bidding wars is still far from the 31% record set in the third quarter of 2015, the market is coming back big time. And as a result the Listing inventory which was down -17.4% from last year when it stood at a record high. The number of months to sell out all the inventory at the current market pace dropped to 5.1, the fastest market pace in six years.

But buyer, don’t get discouraged, there are still plenty of opportunities out there.

(source: millersamuel.com)