The Real Estate Clock: What time is it in our Market? Seems like March all over again...

In this newsletter last month, I noted that we were experiencing low home listing numbers and high demand AND that prices had started to inch up from where they had been. This upward price trend, while not dramatic, has continued in April. While most home prices were still not at peak levels (and in some areas still a LOT less than peak) there were also many selling at or close to where they would have been at the peak. The craziness has been particularly evident in the condominium market but we are also now seeing bidding wars for some detached homes.

As has been the case for several months now, supply of homes is not keeping up with demand. This usually pushes up prices. Usually by March we would have seen a lot more homes for sale and that would continue through April, May and June. So far this usual increase in homes for sale has not happened. Sellers who are listing now are taking advantage of the lack of inventory and obtaining higher prices than would have otherwise been expected.

In April we saw:

-sales were DOWN 16.5% from April 2022
-sales were 15.6% lower than the 10-year average for April
-the number of homes listed for sale was DOWN 29.7% when compared with April 2022
-the number of homes newly listed for sale was 22% below the 10-year average
-there were 4.2% less homes on the market at the end of April 2023 than there were in April 2022
-detached home sales were down 16.3% from April 2022
-the benchmark price down 7.4% when compared to April 2022; HOWEVER it was UP 2.4% when compared to a month earlier, March 2023
-the benchmark price for detached homes was down 8.8% from April 2022 BUT it was up 2.9% from March 2023

So while sales are still down, this is likely due to the lack of homes available for buyers to buy. And prices are creeping back up. Interestingly, although the demand is high, we have seen some sellers are not achieving the prices they likely could be....some of our buyers have gotten good prices buying those listings.

Obtaining the highest price for your home requires a specific set of skills, even in the hottest markets. In a market like the one we are in now, these skills are even more important.

If you would like to discuss the current market and how you could benefit from it, or if you would just like to know what is happening in the market or what your home is worth, I would be happy to meet with you to discuss. Feel free to contact me to book an appointment.