The real estate statistics for March are in. There were 24 sales of detached housing – the same as last month, but a long way from 71 sales in March of 2022. With condos, there were 8 sales, similar to February, but well off the 14 sales last year. There were 6 apartment units sold, which is much better than 2 last month, and land sales improved slightly, with 3 sales reported. The average price of detached housing continues to drop, down 1% to $860,300. Conversely, condo’s rose 2.8% to $730,000 and apartments were up 7%, to $576,700. As before, the lack of inventory is a problem. In a normal market there might be 300-500 detached listings. The current count is 225. So it’s not just interest rates and inflation; the lack of supply is also slowing sales. Will sales increase when new listings come on the market this spring? Or will prices decrease? For the answer, stay in touch. Call Me FIRST!
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