Wednesday, March 1, 2023

February 2023

Nice to see some quick activity coming back to the market.  The average time to sell took a relatively quick 25 days, 2 weeks faster than this January.  And several homes that have been lingering on the market for months started to move along with a number of new listing sales occurring in less than a week.

There were also 7 sales between three and four million dollars and five above $4,000,000.  Most of those buyers are more cash rich and are not as concerned about the current level of interest rates.

Year over year detached 2-storey homes were off approximately 15% while bungalows were down 5% to $2,208,257 and $1,286,000, respectively.  That's not bad considering prices had gone up 30% from early 2021 to 2022.

Condominium apartments averaged a healthy $1,074,579 but if you back out a $5.5mm condo sale it reduces the average to a more normal $828,722.

Rental properties were active as well with 69 leases ranging in price from $2250 to $7400/mth.  The highest lease sale was also on the market for sale in the mid two million dollar range but the position/location of the property proved to be a difficult sell so they ended up renting it.

Looks like it will be a very busy Spring market with a lot of sellers coming to market to satisfy the waiting buyers.