The March 2019 Market Trend report from Right At Home Realty.
Year over year, once again, not much has changed in March. Prices crept up 0.5% compared to March of 2018. The average days on market increased by 1 day, or 5%, 21 days compared to 20 days the previous March. And number of homes sold remained almost unchanged, decreasing by one.
A more telling number is that active listings are down 2.5% or approximately 400 fewer than last March. This continues a downward trend in listings from February 2019. The new mortgage stress test rules have left some buyers on the sidelines. Seeing as some of these potential buyers already own homes and are looking to upsize, the new rules may be acting as a detriment to their mobility.
Prices increases and decreases continue to be very neighbourhood specific. These numbers only give an overall view of the market. As a buyer or seller, you will find each neighbourhood has its own trends, depending on the desirability, or lack thereof.
These trends will become very clear as you narrow down your search for a new home or as you prepare to sell your home. Consider contacting a professional when it comes to making the right decisions with your investment.
Happy Spring all!