The return to a pre-pandemic market!?
Have you been feeling busier than ever lately? As the world begins to move past the pandemic, we are all getting caught up on the special occasions, holidays and gatherings we have missed over the last two years. And with this return to the norm, the KW housing marketing is following suit. While the Bank of Canada’s increase in key interest rates is fueling these shifts, consumer behaviour is also a contributing factor.
The stats that stand out the most to us from last month are:
- The average sale price is back in line with where we were this time last year.
- There is approx. 49% more homes listed for sale than there was this time last year.
- While inventory is still at a historical low, this is the highest it’s been since Sept 2019.
- The average number of days to sell is 13 days. To put that into perspective, the previous 5-year average is 17 days.
With increased inventory, buyer’s have more options and can take more time in their buying decisions. Sellers should put additional attention into making their home stand out (give us a call for a list of “how-to’s”) and work toward releasing their expectations from the previous two years.
The unrealistic growth from the last two years was not sustainable, and this could be the healthy market correction that was needed.
All in all, our main take away is this…. Forget the burning hot pandemic market ever happened
-Team Lambkin Realty
