The big topic for March is inventory! We are seeing more listings hit the market each day with a 33% increase in new listings in the month of March.  All steps are leading in the right direction.

The average sale price is up as well. Where February saw more than a 6% increase in prices, March only increased by 3%.

Compared to March of 2021, there were 11% less listings and 22% less sales this year.  For those of you in the industry feeling frustrated, please understand that we are still working in a tighter market when compared to previous years.

What’s happening now? Inventory is coming in strong with some days seeing anywhere between 50-80 new listings. Most sellers are still holding offer presentation dates, but some receive very few favourable offers, and some receive no offers at all.

Consider that when you look at list prices.  The tactic of listing ludicrously below market value seems to be negatively impacting sellers; deterring more knowledgeable buyers toward other homes that are priced right and/or welcoming offers at any time. There is also a noticeable influx of homes selling under asking, as well as, more price decreases, and reverse prospecting from nervous selling agents.  Despite all of that, on average, sale prices are holding steady.

Is this market beginning to balance? Are we finally seeing the light at the end of the tunnel? With the spring market looming nearer, and if this trend continues, we should see a very active, very balanced, remainder of 2022.

Do you agree or do you think we are headed in another direction? Let us know! Reach out to the Portfolio Realty Group Team.