Sales were down for the second month, and new and active listings continued to build quickly. We are seeing many signs of a market slowdown and a slight correction in the average price.
Sales were down 5% year over year in April for the second month in a row. New listings were up +47.2%, and new listings have increased significantly every month this year. Active listings were up a staggering 74.4%. This is the ninth month in a row we have seen active listings increase, and 74.4% is the largest year-over-year increase we have seen yet.
With sales slowing down and new and active listings on the rise, we see more options for Buyers and better deals in general. Over the next few months, the housing inventory will continue to grow, and the average price will start to drop slightly. Homes in good condition and desirable neighbourhoods will continue to sell quickly and for solid value. Homes in lesser locations needing significant updates/repairs will sell for a higher discount.
April year-over-year statistics:
New listings were up +47.2% (+15.1% March)
Active listings were up +74.4% (+23.1% March)
Sales were down -5% (-4.5% March)
Average selling price $1,156,167 up +0.3%
($1,121,615 up +1.3% March)
Average days on market were up from 24 to 28 days +16.7% (+7.4% March)
If you have any questions about the market or when we are forecasting the best times to Sell or Buy this year, feel free to reach out, and we can speak more in person.