The Spring market is upon us and a shortage of inventory remains an issue.
In a year-over-year comparison, the detached benchmark price increased by 14% to reach $1,525,800, while townhouse prices experienced a more moderate increase of 9%. A notable decrease in inventory and new listings, 8% and 7% respectively, contributed to a 25% reduction in the months' supply of inventory, bringing it to just below 3 months. This signals a move towards a more balanced market. Additionally, the days on market increased from 42 to 58 days, indicating a slightly slower pace of sales activity.
In the coming weeks as Spring arrives we anticipate seeing new listings coming up across all market segments. Multiple offers in the entry level to mid-range market are possible with continued strong demand and low standing inventory levels.
Months’ supply of inventory is a metric used to show the balance of supply and demand. It is currently hovering just below 3 months still indicating favourable seller market conditions. Buyers will need to continue to be patient for the right property to come to market or be flexible in their search as sellers who want to move within the market are waiting to list.
If you are thinking of listing I'd love to connect to discuss how the current market situation affects you and your property. If you know of someone who is looking to buy or sell your referrals are always appreciated!
