June Single Family Market Report

Single family home prices softened in June in line with seasonal norms.

Sales Prices

In June 2023, average sales prices settled at around $468,000 which is somewhat lower than this time last year and the year before. Perhaps the attraction of single-family housing over condos has reduced somewhat now that the Covid crisis is essentially over.

Sales Volume

 

1200 single family homes sold in June 2023 compared to 1203 in 2022 and 1249 in 2021. The market was essentially flat in June.

Days on Market

 

Average days on market in June 2023 was 40 days. This is the same as for May 2023. Perhaps the market for single family has stabilized now? The current pace is more like we would expect to see. The previous 2 years were extraordinary.

Supply

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Supply is still running less than 4 months and this is a good indicator for home sellers.

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

Home sellers are advised to price conservatively at this time.

Buyers are pushing back on price now despite the lack of inventory. Some buyers are considering condos instead.

Look for my July 2023 report during the first week of August. 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.

The views expressed in this article are those of Stuart Neal. Exp Realty and our team Ambergate Realty Advisors may not share the same views.

 

Posted by Stuart Neal on
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