January 2024 Single Family Market Report
Single family home sales volume stayed higher in January.
Single family homes prices settled at a little over $462,000 in January 2024 when compared to $438,000 in 2023, an increase of 5%.
The number of single-family homes sold in January 2024 is perhaps the big story. There were almost 730 homes sold compared to less than 500 homes last year and this represents an increase of 51%.
Days on Market
Average number of days on market in January 2024 was only 58 days compared to 61 days last year, a sure sign of buyer confidence.
In January 2024, there was around 2.6 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.
The bank of Canada met on January 24th and agreed to hold interest rates with the intention to lower them if they could later in 2024.
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 will be many active buyers entering the market as we approach the spring market, and the lack of inventory should keep prices higher.
Buyers should be willing to compete and expect to be in multiple offer situations given the lack of homes for sale.
Look for my February report during the first week of March 2024. Thank you.
About the author:
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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Stuart Neal is a licensed Associate Broker & Team Lead of Ambergate Realty Advisors / Exp Realty.
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