The Spring market is known to be among the best times to buy and sell Real Estate. This is primarily due to the volume of inventory made available and people wanting to purchase their homes and be settled in the summer months. This market is important in Real Estate as it essentially sets the prices we see throughout the coming year.
Although inventory has been increasing steadily over the past few weeks, signifying that this market is upon us, it actually "officially" hits after the long weekend in May - which of course is right around the corner.
So what has been happening in our local market over the first quarter and what can we expect over this Spring market?
In terms of inventory, we saw approximately 125 more listings hit the market in April as compared to March.
Units sold in the Month of April only increased by 17 over March.
In the first quarter (Jan through April), our local market has seen a general decline in listings and sales as compared to the past 2 years, with 2012 being the most prominent year.
First Quarter Sales
Total Sales Dollar Volume:
Average List Price (month of April):
What we can deduce from these figures is that we are holding steady as seen in the first quarter of 2014. We are only marginally down in sales from the previous year. We are expecting to see a slight increase in the Second Quarter of the year to put us back on par, and perhaps slightly above, where we were in the 2013 selling season.
There are a couple of interesting notables as we look at the first quarter review. As we see the average list price increase from 2013 to 2014, we also see the average sale price follow that trend. The average sale price in 2013 was $155,536 and in 2014 was $169,671.
We have also seen a dramatic increase in the sales of high-end executive homes in the current market. Where only 1 sale of homes priced above $500,000 happened in the 2013 first quarter, we have seen 5 sales of these homes to date currently. That could point towards a steadier economy with a larger influx of high income earners.
If you have any additional questions about this report or would like more information on what is happening in the market in your current neighbourhood, we'd be happy to help you out. There's never an obligation to have a good chat about Real Estate, only a promise of good company.
Until then, happy house hunting and enjoy the next quarter!
Enjoy more blog posts and new listings updated daily from any price range and city-wide at my additional website at www.JoanneAndJason.com
Joanne and Jason
The J Team
Century 21 Choice Realty
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