This Month in Real Estate - March 2014 Market Update
Home Sales dropped for the fifth consecutive month in January amid continued severe weather in key population centres. This has been accompanied by 3 months of small price declines. While the market continues to experience a noticeable pause this winter, both home sales and prices remain above levels seen last January. Buyers willing to purchase during these colder months may be able to take advantage of the pause in prices, but will have to navigate seasonally tight inventory levels. Sellers looking to take advantage of last year's price appreciation will want to pay close attention to local price trends if the national trend continues to be flat in coming months.
Despite the colder-than-average winter, the number of new listings coming on the market in January was up slightly on a seasonally adjusted basis compared to those seen in December. This slight increase in listings, combined with the decline in sales, led to sale-to-new listing ratio of 52.4%. The Canadian market remains well within balanced territory by CREA standards, but this sales decrease represents a slight movement in favour of buyers. With weather likley having an effect on buyer traffic, the overall market trend won't become clear until weather normalizes for a full month or we move into the warmer part of the year.
Are you, your family or friends interested in buying, selling or investing in real estate? Contact Wayne Clements to discuss your individual needs.