June 2024 Single Family Market Report
Single family home sales volume stayed high. Prices have softened now that the spring market is over.
Sales Prices
Single family homes prices averaged around $516,000 in June 2024, compared to around $468,000 in 2023, an increase of 10% over the previous year. However, prices have started to moderate now that we have entered the mature summer market.
Sales Volume
There was around 1240 single family homes sold in June 2024, an increase of just 3% over June last year. We expect any further increases to be modest for the rest of the year given that the market dramatically overperformed for the first half of the year.
Days on Market
The average number of days on market in June 2024 was only 29 days, compared to 40 days last year. This is a sure and ongoing sign of sustained buyer confidence in the single-family home sales market.
Supply
In June 2024, there was less than 1.7 months of supply but up from 1.4 months in May.
It’s possible that supply will increase further as the year matures and prices may moderate, but not significantly.
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
The bank of Canada will meet on July 24th to consider if it will adjust interest rates.
Sellers should consider listing their homes for sale right now before prices drop further.
Buyers can shop with confidence knowing that they are making a safe financial choice.
With inventory being so low, it might be sensible to look at new homes.
The Ambergate team can point you in the right direction. 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 learn more.
Look out for my July report during the first week of August 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 REALTOR® & certified eXp Mentor with Vital Home Realty / eXp Realty.
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