Well here we are folks, September came up quick this year – hoping everyone had a great long weekend and a short week!
CREB released it's monthly market update, with a notable shift in market conditions moving from an extreme sellers-market to a little bit more buyer-friendly with total housing supply nearing two months (levels not seen since the end of 2022). Up to this point, we've had total supply under 2 months, and even under 1 month at certain times.
Increase in new-home construction and new listings supported the improved supply, HOWEVER our supply remains LOW - particularly with lower priced properties (under $600K), and will take time for supply levels to return to balance.
Benchmark prices across property types remained relatively flat month-over-month, and still represent some material appreciation from last year (9–16% in price growth!).
More below from CREB:
Detached
• Benchmark Price: $762,600 (-0% MoM, +9% YoY)
• Total Sales: 1,278 (-20% MoM, -14% YoY)
• Total New Listings: 1,721 (-7% MoM, +5% YoY)
• Sales-to-New Listings: 64%
• Months of Supply: 2.0 Months (+40% YoY)
• Days On Market: 26 Days (+8% YoY)
Semi-Detached
• Benchmark Price: $681,200 (-0% MoM +10% YoY)
• Total Sales: 172 (-12% MoM, -12% YoY)
• Total New Listings: 297 (+13% MoM, +26% YoY)
• Sales-to-New Listings: 58%
• Months of Supply: 2.0 Months (+57% YoY)
• Days On Market: 25 Days (+10% YoY)
Townhomes
• Benchmark Price: $461,700 (-0% MoM, +12% YoY)
• Total Sales: 384 (-9% MoM, -15% YoY)
• Total New Listings: 384 (+11% MoM, -15% YoY)
• Sales-to-New Listings: 60%
• Months of Supply: 1.7 Months (-34% YoY)
• Days On Market: 25 Days (+26% YoY)
Apartments
• Benchmark Price: $346,500 (-0% MoM, +16% YoY)
• Total Sales: 604 (-24% MoM, -31% YoY)
• Total New Listings: 1,001 (-0% MoM, +12% YoY)
• Sales-to-New Listings: 60%
• Months of Supply: 2.4 Months (+120% YoY)
• Days On Market: 32 Days (+7% YoY)
If you have any questions at all, please reach out to our team to help guide you, wherever you are in the process!