Sales were down (-4.5%) year over year in March after three straight months of significant increases. New listings were up (+15.1%) for the third straight month and active listings were up (+23.1%) for the eighth month in a row. With sales slowing down and new and active listings on the rise we are seeing more options for Buyers and better deals in general. I think over the next few months we will see the housing inventory grow and the average price will plateau and maybe even drop slightly. I think that homes that are in good condition, in desirable neighbourhoods will continue to sell quickly and for solid values. While homes that are in lesser locations and need significant updates/repairs will sell for more of a discount.
March year-over-year statistics:
New listings were up +15.1% (+33.5% feb.)
Active listings were up +23.1% (+15.1% feb.)
Sales were down -4.5% (+17.9% feb.)
Average selling price $1,121,615 up +1.3%
($1,108,720 up +1.1% feb.)
Average days on market were up from 27 to 29 days +7.4% (+12.1% feb.)
If you have any questions regarding the market or when we are forecasting the best times to Sell or Buy this year, reach out and we can speak more in person.