2023 vs. 2022 and Pre-Pandemic 2019
Waterfront
Sales of waterfront properties have declined by 8% compared to last year, and range between a 25% to 30% decline when compared to each of the prior four years. Despite this, prices continue to ascend—rising by 7% compared to last year, and escalating by 82% since the pre-pandemic period.
Non-Waterfront
The closed sales for non-waterfront properties have been on a declining trajectory for each of the past four years—experiencing a 9% drop compared to last year, and a 24% reduction since 2019. Nonetheless, the prices for non-waterfront properties have surged by 61% from $247,000 in 2019 to $397,000 this year, marking a 3% increase compared to last year.
Condos
Condominium sales have declined by 24% and 20% compared to 2019 and the previous year, respectively. Since the advent of the pandemic, the average condo price has soared by 54% from $247,000 to $381,000.
Buyers Continue to Wait for the Best Listings
Over one-third of September’s new pendings were fresh listings that went under contract within 10 days or less. The past month’s figure of 36% was only surpassed by September 2021, marking it as an exceptional period. A significant pool of buyers, who have been actively looking but have yet to find what they are seeking, continue to closely monitor new listings. The most appealing properties continue to be snapped up swiftly.
