What Is Selling?
Two storey homes account for 60% of sales by number sold, as most families are looking for: 4+ bedrooms, master bedroom with an ensuite bath and walk-in closet and a two car garage. Almost 20% of homes sold are considered building lots. They are most often bungalows that have no extensive improvements. A few of these go to investors who will rent them out and then flip over the next few years, some are bought by families to build new and most end up with construction companies for resale.
How They are Selling?
Not everyone prices his or her home to sell. Construction companies and some vendors look to maximize profit. Almost 50% of homes sold were on the market at least 6 months and went through price reductions, often significant or were cancelled from the previous year and re-listed in the following year. About 30% were priced to the market and sold relatively quickly. Building lots about 20% of the market sell quickly, generally above list with multiple offers. Some homes, generally under $1.1 million are being priced below market value in order to generate multiple offers and bid up the final sale price