Market Update

By the Numbers – Average Prices*:

• The average sale price for a freehold-class property in June was $746,445, a decrease of 4% from 2022, but still on par with May 2023 prices.
• The average sale price for a condominium-class property was $448,380, an increase of 2% from a year ago and up 1% over May 2023 prices.
• With year-to-date average sale prices at $731,847 for freeholds and $432,885 for condos, these values represent a 10% decrease over 2022 for freehold-class properties and a 7% decrease for condominium-class properties.

“Supply is trending in the right direction. The increase in inventory is encouraging and indicates sellers have confidence in the market. A growing resale housing stock will result in more selection for buyers and more sales,” Dekker suggests.

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By the Numbers – Inventory & New Listings:

• June’s new listings (2,758) were 14% lower than June 2022 (3,212) and down 2% from May 2023 (2,822). The 5-year average for new listings in June is 2,802.
• Months of Inventory for the freehold-class properties has increased to 2.1 months from 1.9 months in June 2022 and 1.5 months in May 2023.
• Months of Inventory for condominium-class properties has decreased to 1.4 months from 1.6 months in June 2022, although up from 1.3 months in May 2023.
• Days on market (DOM) for freeholds stayed on par with last month at 23 days and increased to 27 days for condos compared to last month (26 days).