In Bright MLS, the median sold price for Condo & Coop properties for September was $330,000, representing a decrease of 2.9% compared to last month and an increase of 4.8% from Sep 2022. The average days on market for units sold in September was 24 days, 22% below the 5-year September average of 31 days. There was an 8.4% month over month decrease in new contract activity with 2,131 New Pendings; a 5.6% MoM decrease in All Pendings (new contracts + contracts carried over from August) to 2,636; and a 10.6% increase in supply to 4,111 active units.

This activity resulted in a Contract Ratio of 0.64 Pendings per active listing, down from 0.75 in August and a decrease from 0.70 in September 2022. The Contract Ratio is 13% lower than…

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