We do expect, every spring, that the market will reliably ramp back up.
That was certainly the case in March, when 75 new listings hit the local real estate market, representing an increase of 53% from the previous month.
More homes were also sold in Elora Fergus in March than in February; in fact, with 47 homes sold it was a very large increase of 80.8%.
Buyers and sellers—and even those on the sidelines—are always curious about the state of the market, of course, and are keen to know the bottom line. In March, the average sale price across all housing types was $805,529, a slight decrease of 2.4% vs. February.
For single-family homes, the average sale price was $860,330, for townhouses and row units it was $675,165, and for condos and apartments it was $600,500. This last category is the only one of the three to see a month-over-month increase in price, up 3.4%.
The market is moving towards being more balanced, with 2 months of inventory available recorded in March. Homes did take slightly longer to sell than they did in February, spending an average of 29 days on the market, which is an increase of 3 days.
On April 12, the Bank of Canada announced that it was holding its overnight rate at 4.5%, providing further reassurance to buyers that interest rates are stabilizing. Rates are expected to continue to decline in the next few months.
Inflation appears to be easing in many countries across the globe, thanks to a combination of tighter monetary policy, lower energy prices and the global supply chain starting to normalize.
Here at home, economic growth in the first quarter of 2023 appears to be stronger than it was first projected in January. These are all positive signs and point to hopes that price stability will be restored for Canadians.
For more insight and information, visit the Coldwell Banker Neumann Real Estate Brokerage online at cbn.on.ca or reach them by phone at 519-821-3600.