December Single Family Market Report

Single family home sales volume stayed higher in December.

Sales Prices

Sales prices settled at around $432,000 in December, down slightly on the month before as expected and lower than December 2022.

When taken as an aggregate, sales prices for 2023 ended up at 1% down on 2022, although from May prices we equal or better than the year before.

Sales Volume

The market was very busy in December. Around 880 homes sold in December 2023 compared to only 430 homes in December 2022. For the last 5 months, sales volume has easily surpassed volume for 2022. It should be noted that overall volume for the year is 9% down on the year before due to the slower start to the year.

Days on Market

Average number of days on market in December 2023 was 58 days and slower than last year. This appears to be an anomaly when compared to the rest of the year.

Supply

In December 2023, there was around 2.6 months of supply, confirming that for the last 11 months, we have been in a 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 December 7th. They decided to keep interest rates at 5% for now. They were also careful to stress that interest rate increases WOULD be applied if inflation was a concern once again.

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

The bank meets again on January 24th.

Sellers should consider listing their homes for sale now. There will be many active buyers entering the market in January and February, the spring rush is not far away and the lack of inventory at the moment should keep prices high.

Buyers should be willing to compete and expect to be in multiple offer situations given the lack of homes for sale.

Look for my January report during the first week of February 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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Thanks for the great information. Interesting that even with sales volume increasing and supply of single family down for the year on average prices remain mostly stable

Posted by Ryan Vitali on Wednesday, January 10th, 2024 at 5:42pm

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