Number of Residential Listings: As we move to our Spring Market, we are seeing more homes (932 this month). Expect this to continue into June. Listings for the month were substantially below last year’s where many were trying to “cash in” on price increases at the time.
# of Active Listings for the End of the Current Month: Our homes inventory remains very steady as Seller’s expectations as Sellers “speculation” of higher prices has been curtailed. This represents about a 2-month average of available homes and is comfortable buying environment for Buyers who are heading into the market. This is different from many other Canadian cities who continue to experience low inventory of homes which places pressure on prices.
Number of Residential Sales: Our homes inventory remains very steady as Seller’s expectations as Sellers “speculation” of higher prices has been curtailed. This represents about a 2-month average of available homes and is comfortable buying environment for Buyers who are heading into the market. This is different from many other Canadian cities who continue to experience low inventory of homes which places pressure on prices.
Average Days on the Market: As we see more buyers coming back the average days on market have declined slightly. Still hovering near a month of time and if listing inventory continues as strong as it is this will likely continue. This reduction on DOM is also indicative of more buyers who have entered the market which is a positive sign.
Monthly Residential Sales Percentage: For the first time in a while the year-to-year comparison has reduced to 41.84%. Since residential sales started their decline in April of last year, we can expect to see a year-to-year comparison to drop over the next.
Homes Sold Under $550,00: We continue to see homes sold below $550,000 remain strong as it has for the past while with March higher than last March and also representing 57.58% of the total market. However, for the first time in a while we’re seeing the upper market (over $550,000) rebounding to over 40% of the total market. While not shown here we also saw 19 homes sell over $1M in price which is a good indicator that Buyers in the upper market are again returning to market!
Annual Average Sale Price & Average Sales Price: Both Annual Average Sales Price and Monthly Average Sales Price are up over last year. That should come as no surprise due to increased activity in the upper market pulling the average price up. When compared to one year ago we are still over 20% below last year. When we look back the average steadily declined so we will likely see some gains over the next while. Not sure we will sustain them.
Most Popular Style of Home for March: As always it is good to look at “style” home and their average price to get a general idea of what you will have to pay for what you have in mind to buy. Again 2 storey homes top the list.
Number of Condominium Sales: When we look at Condominium sales, we know for certainty that it is a market unto its own. As more condos have become available, we see substantial movement to buy more condominium units with the highest on record for the past year this month.
Royal LePage Binder is committed to providing content and data illustrating the rapid changes occuring in the #yqg market, as shown in the below downloadable PDF:
**click on top right arrow to download**
