May 2024 Single Family Market Report

Single family home sales volume stayed higher, and prices lifted again in February.

Sales Prices

Single family homes prices climbed to just under $525,000 in May 2024, compared to around $484,000 in 2023, an increase of 8% over the previous year. We have seen an 8% for the last two months.

I anticipate that prices will start to moderate and flatten as we enter the mature summer market.

Sales Volume

 

There was an even 1400 single family homes sold in May 2024, an increase of 15% over May last year. It should be noted that these sales volumes have moderated considerably since the start of the year when in February for example sales volume surpassed last year by 63%.

Days on Market

 

The average number of days on market in May 2024 was only 30 days, compared to 40 days last year. This is a sure sign of sustained buyer confidence in the single-family home sales market.

Supply

 

In May 2024, there was less than 1.4 months of supply. This is not just a seller’s market, it’s a red-hot seller’s market.

Note this could change as more homeowners, perhaps downsizers in particular, bring their larger homes into the market and as builders introduce new inventory.

In general, anything less than four months of supply is considered a sellers’ market. Four to six months is a balanced and anything above six months of supply is considered a buyers’ market.

Round Up

The bank of Canada met today and announced a key rate cut of .25% bring the new rate to 4.75%.

This is great news for home sellers and buyers. Sellers can expect to see increased demand for their homes.

Buyers can enter the market with certainty and confidence. Their new home will now be a little more affordable.

Sellers should consider listing their homes for sale right now before supply increases.

Buyers must be willing to compete. Buyers must interview agents before they hire them to ensure that that have a proven and winning multiple offer winning strategy.

With inventory being so low it might be sensible to look at new homes. The Ambergate team can point you in the right direction. Click this link to learn more: New Home Builders Directory.

And we can help you select a new home for sale for almost every builder. Click this link: Brand New Homes for Sale. Note many new homes are in the ‘hidden’ market. Our skilled team can help you find these too. Call us to learn more.

Look out for my June report during the first week of July 2024. Thank you.

About the author:

You can read more about the author of this blog by clicking this link - Stuart Neal, Team Lead & REALTOR®.

Our proven & affordable FIXED FEE home selling system gives clients the best combination of price & value for home selling services. To learn more, call our Team Lead Stuart Neal at: 780-760-2014 or visit our program selling system page www.FixedFeeRealty.ca

Get the answers to your questions. Go to our You Tube Channel for buyers and sellers Stuart Neal - Real Estate Advice.

Stuart Neal is a licensed REALTOR® & certified eXp Mentor with Ambergate Realty Advisors / eXp Realty.


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