NEW market data is in for the first couple of months of 2025, and it's shaping up to be quite an interesting development so far.
Are the tides turning to more of a BUYER'S market, after years' long SELLER'S market? It might appear so, let dive in...
On Monday CREB release it's monthly activity data, highlighting substantial year-over-year growth for the second month in a row of units for sale in February. Inventory increased across all price ranges, but we saw a BIG increase in homes priced under $500,000 (particularly driven by increases in apartment and townhome sectors). Months of supply was ~2.4 months, representing double of what it was last year.
Prices remained quite stable. This is likely welcomed news for home buyers, seeing more options on the market and not having to go in extremely aggressively – HOWEVER, we are still seeing multiple offer scenarios for select homes from my own anecdotal experience with clients so it really depends on the property / area / condition and price.
Here's the summary from CREB:
So far this year, we ARE seeing ~11% MORE listings than our 5-year average and ~16% FEWER sales than our 5-year average, indicating an easing relative to prior recent years of activity. It was a very tight market in 2022-2023 (grey and dark grey lines).
