The detached housing market hummed along and was vastly improved over last year at the time despite the prolonged higher interest rate.  The condo & townhome and land-only markets have slowed.  Let’s see how this breaks out:

Detaches home sales

Detaches home sales in March were up 41% in dollar volume to $35,500,000 and up 45% in unit sales to 35 homes sold.  The available inventory was up 46% to 338 homes.  This means our sales success ratio (the amount of sales versus the amount of inventory) was just over 10%,  putting us just in buyer’s market territory.

Year to date sales were up 25% in dollar volume to $91,200,000 and up in unit sales by 24% to 87 homes sold so far this year.

The average price for a home last month was up 1% to $1,050,000 while the median sale price (the home that sold in the middle) was $939,000.

Condo & Townhome sales

Condo & Townhome sales were down in dollar volume by 46% to $3,500,000 and down in unit sales by 43% to 8 units sold.  Our available inventory dropped by 17% to 60 available homes. This indicates the sales success ratio was 13% putting this segment of  the market in balanced territory.

Year to date we have seen an increase in dollar volume by 9% to $15,250,000 and unit sales went down slightly to 23 homes sold this year.

The average price for a condo or town home last month was $662,000 while the median price was close at $650,000.

Land only sales

Land only sales in March were down by 49% in dollar volume to $2,500,000 and unit sales were up 16% (1 unit) to 7 lots sold.  Our available inventory is up 25% to 102 properties available therefore our sales success ratio was 6% putting this segment of the market in the hands of buyers.

Home Sellers

Home Sellers – having a move in ready space with deferred maintenance taken care of is your best bet for top dollar and a short time on market.  Sellers are needing to compete again.

Home Buyers

Home Buyers – if you find what you’re looking for buy it! If you play the “wait for interest rates to go down” you will likely lose to market gain.  One of my favourite mortgage brokers mentioned it will be much cheaper  to service a $500,000 (for example) mortgage at 4.99% than wait for the rates to go down to 4.5% (or some other arbitrary number) and pay $600,000 for the same space.  This is a likely scenario for those who wait as the lower the interest rate goes, the more pent up buyer demand will play out…creating competition and scarcity again.  Don’t wait.