We started 2024 with a big bump in sales for January compared to January 2023. It is also taking much longer for homes to sell, with average days on the market hitting 54 days. Even with this positive surge of buyers and a significant increase in home sales, we have actually seen a 1% decline in the average selling price. So there are a lot of buyers out there, and they are offering on properties, but they are only willing to pay the same value as last January.
Moving forward, we expect sales to continue with higher volumes than last year, and new listings should also increase more significantly. I don’t think we will see any significant improvements in the average sale prices until the Bank of Canada cuts interest rates later this year.
January year-over-year statistics:
New listings were up +6.1%
Active listings were up +8.5%
Sales were up +37%
Average selling price $1,026,703 was down -1%
Average days on market were up from 41 to 54 days +31.7%
If you have any questions regarding the market or when we are forecasting the best times to Sell or Buy this year, make sure to reach out, and we can speak more in person.