If you didn't know about our marketplace in recent years, you would think it was a sinking ship.
As seen in this report for single family homes, 36% drop in sales for single family homes and median price drop of 8.5% seems alarming but when compared to statistics collected since 2019, it just shows a bit of a correction. This is demonstrated by a list to sale ratio showing 2% over ask price.
The same period for condominiums, the report shows a decline of 19% of sales and a big drop of 12% in median values, selling for 2.3% above list price and in 9 days.
Put in perspective when compared to first quarter statistics over the previous 5 years, the declines are just a natural progression of our marketplace. It's unrealistic for too many years with incredibly high increases.
As I see it, we're seeing realistic pricing with strong demand. Sales are usually slower in the winter but made worse with higher interest rates and anyone in the marketplace not affected or had no choice, were getting deals in some areas of the city but there are still other areas with very strong demand.
The market at the beginning of April has picked up significantly and we're seeing many more competing offers. New inventory is picking up so it will be interesting to see if the market shifts to be more balanced or continues to be strongly competitive with new buyers jumping off the fence and getting back into the market.