April Single Family Market Report
The April market delivered a solid performance.
Sales Prices
In April 2023, average sales prices were around $478.000, down on 2022, but around $20,000 UP when compared to April 2021. When compared to 2021 that’s a 4 percent increase in values. Values should peak in May or June and then soften as the year matures…
Sales Volume
Don’t let this graph fool you. Post Covid we witnessed unusually high sales numbers. However, 2023 sales volumes are at pre Covid norms. We expect sales volume to climb further in May and peak in June, as we enter the traditional spring market.
Days on Market
Average days on market in April 2023 was 43 days compared to23 days last year and 33 days in 2021. The current pace is more like we would expect to see. The previous 2 years were extraordinary.
Supply
We are now trading with less than 3 months of supply.
If this situation continues, as we move through the spring market, values will go UP.
In general, anything less than four months of supply is considered a sellers’ market. Four to six months is balanced and anything above six months of supply is considered a buyers’ market.
Round Up
For the present, I would advise home sellers to consider pricing just above values for the same period in 2021. Sales stats for 2022 are not a good indicator of market conditions for 2023.
Look for my May 2023 report during the first week of June. 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
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The views expressed in this article are those of Stuart Neal. Exp Realty and our team Vital Home Realty may not share the same views.
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