Vital Home Realty Blog

May Single Family Market Report

The May market delivered a solid performance. And prices hit their highest level for 2023.

Sales Prices

In May 2023, average sales prices were around $484,000 slightly above May 2022 sales values of $483,000 and $26,000 UP on May 2021. When compared to 2021 that’s a 6 percent increase in values. Interest rate increases have had no tangible effect.

Sales Volume

Don’t let this graph fool you. Just look at how steep that line is. Single family housing is popular. Post Covid we witnessed unusually high sales numbers. However, 2023 sales volumes are at pre Covid norms.

Days on Market

 Average days on market in May 2023 was 40 days compared to 24 days last year and 27 days in 2021. The current pace is more like we would expect to see. The previous 2 years were extraordinary. 

Supply

We are now trading with less than 3 months of supply. There is little to no prospect of this changing in the short to mid term. If you are serious about buying a home this year and one comes up that checks most of your boxes you should consider buying it. If the shortage continues I would expect prices will continue to climb especially if interest rates moderate.

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

At the present time, I would advise home sellers to consider pricing at just above values for the same period in 2022 as we seem to have hit those heady prices of last year.

If you are buying you should buy now or risk paying more later.

Look for my June 2023 report during the first week of July. 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 Vital Home Realty may not share the same views.