Finally some sunshine, our family took it in with a walk around
City Park this past weekend.
How is it May already? A pre-emptive Happy Mothers Day to all the mothers out there!
As we look at the real estate market in April, this month was one in which we continued to see the shift in the market. Overall homes are still selling, as you will see in the total numbers, but that only tells part of the story.
This past week we have seen: - 87 price reductions,
- 286 listings withdrawn and
- 32 expired listings.
A good portion of the withdrawn listings will likely be put back on the market at a lower price. This is why I never really focus too much on the statistic of average days to sell, as the number is skewed with the withdrawn and relisted homes.
Overall the market is still moving, it is not stagnant, however, pricing and marketing are becoming more and more important. Buyers are likely anticipating another rate increase in June, which could further cement this swing in the market throughout the summer, we could see a surge of buyers rush to get in this month before the rates increase again.
593 total sales in April (Down from 666 sales in March and also down from last year's sales of 926 sales in April)
1,552 total active listings currently which is up from 1,232 active listings in March. April listings are down compared to the 5-year average of 2,339 listings but up from 1,414 last year. Currently, we are sitting at 66% of the average amount of listings for this time of year. This number is trending up which is positive signs we are moving to a more balanced market.
April median days to sell increased slightly to 17 days and the average days to sell came down to 26. This could be a sign due to properties relisting.
This past week we saw 83 Price Reductions.
Single Family Residential Homes
Single-Family Sales 261
New Listings 635
Current Inventory 831(628 in April and 594 last April)
Listings Withdrawn or Expired 197
Total Sold Dollar Value $343,359,800
Median Days to Sell 16
Average Days to Sell 24
Average Sale Price $1,315,555
Townhome Activity
Townhome Sales 95
New Listings 180
Current Inventory 179
Listings Withdrawn or Expired 36
Total Sold Dollar Value $73,587,050
Average Days to Sell 20
Median Days to Sell 16
Average Price $774,601
Apartment/Condo
Condo/Apt Sales 168
New Listings 252
Current Inventory 284
Listings Withdrawn or Expired 53
Average Days to Sell 27
Median Days to Sell 18
Average Price $548,560
Let me know if there is anything I can do for you! Have a great week and feel free to reach out with any questions!
Mark
Mark Coons
Personal Real Estate Corporation
Coldwell Banker Horizon Realty
2021 Top 3% Internationally Coldwell Banker
Mobile: 250-801-0361
Email: markcoonsrealty@gmail.com