Wednesday, February 1, 2023

January 2023

There were 6 more sales this January than in January 2022 however the time to sell was almost 7 weeks on average compared to under 2 weeks a year ago.  A year ago everything went in multiple offers and today buyers have time to make a decision and without any competition.

Less buyer competiton = less frustration. 

Still many buyers are reluctant to place an offer after their first visit as many feel prices may drop further. Some sales occur after two or three visits.  Our president Phil Soper believes that prices will level off this year as long as there are not many more interest rate increases and that we will probably not see any interest rate cuts until 2024.  We may see a couple more 25 basis point interest rate bumps between now and summer.

Inventory is still low but the number of new listings is inching up.  At the moment we have 230 properties (all types) listed for sale along with 123 rental properties.  So there is some choice. 

This January we had 84 sales up from 65 in December 2022 and 78 a year ago. We also had 54 rental transactions.

Here's a quick look at the numbers;

                                                  Jan 2023                    Jan 2022                 Dec 2022

Detached 2-storey                   $1854938                   $2059000                 $1933233

Det bungalow                          $1341500                    $1608000

Freehold THs                           $923500                      $980792

Condo THs                              $866300                      $866111

Split level homes                    $1502500

Semi-detached                        $1096500                    $1179000

Condo apartments                   $1460167                    $621852  

The high condo average this January was attributed to two ultra luxury apartment sales which totalled $8.3 million and sold for approximately $1250 per square foot.  There were only 2 split level home sales this January.

As you can see detached 2-storey homes were down 11% year over year while bungalows were down approximately 20%.  Condo townhomes were flat, freehold THs were off 6% and semi-detached homes were down about 7.5%.

Most consumers by now have had all their COVID-19 vaccine shots and as a result many agents are now doing open houses for their sellers.  As more new inventory comes to market along with warmer weather you will have more buyers viewing homes and this will help support sales prices.




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