A Comprehensive Real Estate Review: January 1st - March 19th, 2024
Understanding the pulse of the real estate market is crucial for anyone involved in property transactions or those interested in market trends. Today, we're delving into a detailed year-to-date review from January 1st to March 19th, shedding light on both condominium and residential sales, courtesy of Mitch MacKenzie.
Condo Sales: An Upward Trend
Comparing this year's figures to both the start of 2024 and the same period in 2023 unveils a consistent upward trajectory in condo sales. Here are the key statistics:
Unit Sales: +16.8% increase
Average Sold Price: +5% increase
Median Sold Price: +1.8% increase
Average Number of Days to Sell: 34% longer
Residential Market: Steady Growth
The residential sector also shows promising signs of growth:
Unit Sales: +14.1% increase
Average Sold Price: +4.2% increase
Median Sold Price: +3.6% increase
Average Number of Days to Sell: 9.2% faster
2024: A Positive Beginning
Despite the recent return of cooler weather, the real estate market is gearing up for an active spring season. Initial metrics for 2024 indicate a promising start:
Condo Metrics YTD 2024
Unit Sales: 568 sold
Average Sold Price: $435,000
Median Sold Price: $397,000
Average Number of Days to Sell: 59 days
Residential Metrics YTD 2024
Unit Sales: 1,136
Average Sold Price: $762,000
Median Sold Price: $680,000
Average Number of Days to Sell: 49 days
Personalized Insights Tailored to Your Needs
It's important to recognize that neighbourhood dynamics and property classifications can influence these trends. For a more personalized analysis based on your specific property or the one you're interested in, reach out to Mitch directly or fill out the form below.
Whether you're contemplating selling, buying, or simply seeking to understand market dynamics in your area, feel free to reach out for a tailored review.
As we navigate through the spring season, the real estate landscape promises to remain dynamic. Stay tuned for further updates and insights as the year progresses.
Mitch MacKenzie
mitch@mattrichling.com
Interested in learning more? Reach out via phone or email!
