April 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 $514,000 in April 2024, compared to around $478,000 in 2023, an increase of 8% over the previous year. Prices have now easily surpassed the highest prices of the previous 2 years. However, we would normally see values level off in May and June. And as high as demand is, income levels of would-be borrowers may ultimately control the growth in prices simply hinged to a person’s ability to pay.

Sales Volume

There were almost 1400 single family homes sold in April 2024, an increase of 45% over April last year. We expect sales numbers to stay high, subject to the supply of inventory, as new home builders create spec-built homes and perhaps homeowners choose to downsize.

Days on Market

The average number of days on market in April 2024 was only 34 days, compared to 43 days last year. This is a sure sign of sustained buyer confidence in the single-family home sales market.

Supply

In April 2024, there was less than 1.5 months of supply. This is not just a seller’s market, it’s a scorching seller’s market.

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 on April 10th and agreed to hold interest rates with the intention to lower them if they could later in 2024. The next meeting will take place on June 5th.

This is great news for home sellers and buyers. Buyers can enter the market with certainty and confidence.

Sellers should consider listing their homes for sale right now. There are many active buyers entering the market and now we are in the spring market, the lack of inventory should drive prices even higher.

Buyers must be willing to compete.

Buyers should also 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 a good time to look at new homes. The Ambergate team can point you in the right direction concerning new home builders. 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 ask how.

Look out for my May report during the first week of June 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 Associate Broker & Team Lead of Ambergate Realty Advisors / eXp Realty.


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