Vital Home Realty Blog

March Single Family Market Report

The March market delivered a solid performance.

Sales Prices

In March 2023, average sales prices were around $459.000, down on 2022, but around $9,000 UP when compared to March 2021. When compared to 2021 that’s a 2 percent increase in values.

Sales Volume

Don’t let this graph fool you. Post Covid we witnessed unusually high sales numbers. However, 2023 sales volumes are at pre Covid norms. In March 2019 just over 600 homes sold. In March 2023 over 820 homes sold an increase of 36%

We expect sales volume to climb in April through June, as we enter the traditional spring market.

Days on Market

Average days on market in March 2023 was 49 compared to 27 last year and 36 in 2021. This may suggest a little hesitancy on the part of home buyers, perhaps in light of interest rate increases, but really nothing to worry about.

Supply

We are now trading with just over 3 months of supply.

It’s possible that many homeowners who are enjoying low interest rate mortgages, are reluctant to move until interest rates come down.

This is impacting supply of single-family resale product. If this situation continues, as we enter the spring market, values must go UP.

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

For the present, I would advise home sellers to consider pricing just above values for the same period in 2021. Sales stats for 2022 are not a good a good indicator of market conditions for 2023.

If inventory stays low, there is a possibility that we move back into a state of ‘irrational exuberance” albeit not to the same levels such as we saw in 2023.

Look for my March 2023 report during the first week of April. 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.