Lots of charts to get through this month...

The number of condos on the market decreased from 763 to 699. A typical July, over the past 6 years, has averaged 1258 condos for sale so the inventory is far lower than normal.

The number of sales decreased from 461 to 399. This number is now about what we typically see for June. The summer really slows down and then picks up again for the Fall market.

So a low inventory and stable demand seems to be giving prices some resilience. Technically we are still in a Seller's market due to the shortage of condos for sale right now.

The median price of a downtown condo was very slightly down from $535,000 to $525,000. I think the price resiliency is surprising everyone and that's in big part to owners not listing their condos for sale at this time. With the inventory at almost half of what we normally see, it's keeping prices quite stable.

The average price of a detached home today is now lower than it was in January whereas condos are up 14% year to date. It's pretty amazing that they had the same level of appreciation at March and housing has taken such a dramatic turn. Looking at the longer picture, we see how much more volatile housing is compared to condos:

Along with the volatility of housing has come better appreciation, we don't think detached housing will fall much more. We want to point out in the above graph that the jump from the blue to orange line (condo to a house), is the smallest it's been in the last 18 months. So condo owners looking to make the jump to a house have the best timing they've had in awhile and should consider getting out to visit homes now.