Although the third quarter of 2013 ended with low inventory, the sales kept rising. The number of sales was at a 30% increase from the same period last year. With the market being so competitive, 44.2% of units sold at or above their asking price. With such a competitive market, the pace is extremely fast with a 3.6 month absorption rate.
If you are looking to purchase an apartment, we highly recommend moving quickly as most apartments these days receive multiple offers within one weekend of being on the market. One of the best ways to prepare yourself is to speak to a mortgage broker and have your preapproval letter in hand.
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