The Summer months are quiet on the real estate front. July of 2022 is no different. Some of the sales figures can be a result of the quieter Summer. However, there are indeed signs of a softening market in the Annex.
The Annex rarely has many sales, keeping the area in high demand. There were a total of 8 transactions. Keep in mind that with so few trades, the values can be skewed with more lower-priced condos and houses versus higher-priced homes – our overall annual markers will provide a better sense of value increase, which you can reach out to us here to discuss.
Annex Homes Values
There were only 3 sales in the Annex in July 2022. The average home sold for $1,900,309, down substantially from $2,919,000 in July 2021. Note: sellers are struggling to price their homes at what the market (buyer) is willing to accept in this real estate environment.) The average list-to-sale price was 91%. There was a 50/50 chance of multiple offers on house Annex listings. The average home was on the market for 12 days – this is a very low average number of days on the market, which means that the Annex remains in demand.
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Annex Condo Values
There were 5 condo sales—the average Annex condo sold for $998,900, down from $1,227,000 in July 2021. The average list-to-sale price was 101%, demonstrating a willingness of some buyers to push above the asking price. There was a 50% chance of multiple offers on house Annex listings. The average home was on the market for a whopping 48 days. This stat helps us see the discrepancy between some sellers’ desire for a higher price than the buyer’s market will accept, while in other cases well priced condos are selling over asking.
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