The April 2024 residential market statistics are now in from WECAR (The Windsor/Essex County Association of Realtors). Listings are on the rise in a big way but are Buyers ready to jump in yet? Let’s take a look!
The average sale price for April 2024 was $581,194 which is up from last month slightly and nearly the same as a year ago. Listings are the big story at 1082 which is up over 30% from last month and also up over 22% compared to last year. Spring market it definitely here however let’s talk about sales … April saw 452 sales which is up over 12% from last month but down over 7% compared to a year ago.
Listings are up significantly, sales are down. Nothing crazy but the continued high interest rates making qualification harder for Buyers and fixed-rates trending upward, sales are suffering slightly and our inventory level is increasing. Tell all of this to Buyers in the below-average price range as they continue to navigate multiple offers (and bully offers) and low inventory in that price range. Especially outside of the city in smaller communities – it’s slim pickings out there!
Days on market is at 12 which is similar to what we experienced last year at this time. Months of inventory came in at 2.7 months which is up just slightly from last month but down a full month from where we were during the Holidays and even last summer. Using the Months of Inventory metric we would still be considered to be in a Seller’s Market. The Sales to New Listings Ration (SNLR) came in at 43.2 which is trending downward and similar to where we were last fall. Using the SNLR metric we would be considered to be in a Balanced Market. With more weight associated to the SNLR vs. Months of Inventory (as it better takes seasonality into account), we may consider ourselves to be in a Balanced or Neutral Market currently.
Current headlines? Inflation inched its way back up ever so slightly, but nothing compared to our American neighbours. Our unemployment is up but the USA jobs market is strong. Will the BoC be in a position to cut interest rates here before the US? Buyers have been patiently waiting for that first cut …when will it happen? I’ve been reading predictions of Q3 2024 (maybe July?). We’ve also had news from the Feds that they will implement an insured 30yr mortgage for first-time, new home buyers (only). Nice! That should take care of the “housing crisis”. Since so many first-time Buyers can afford new homes I’m sure it will be popular.
According to CREA, the National home price should climb by 4.9% on an annual basis in 2024 and 7% in 2025. CMHC is forecasting that National home purchase prices could match peak levels seen in early 2022 by next year and reach new highs by 2026. Only time will tell!
READ THE FULL DETAILED REPORT – click the link below!
Click to access April-2024-Market-update-report.pdf
