February 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 $481,0000 in February 2024 compared to $440,000 in 2023, an increase of 9%. Due to the shortage of inventory (see supply later in this report) we expect prices to climb even further as the spring market emerges.

Sales Volume

The number of single-family homes sold in February 2024 is perhaps an even bigger story. There were 934 homes sold compared to less than 600 homes this time last year. This represents an increase of 63%. Let’s not forget, January sales exceeded last year by 51%. Perhaps this is an emerging trend?

Days on Market

The average number of days on market in February 2024 was only 46 days, compared to 52 days last year. This is a sure sign of increasing buyer confidence.

Supply

In February 2024, there was just over 2 months of supply, confirming that for the last 12 months, we have been in what many consider 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 February 24th 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 March 6th.

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 now. There are many active buyers entering the market as we approach the spring market, and 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 for my March report during the first week of April 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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