May Market Update
May 04, 2023
Here are the highlights from Tina Tamboer’s presentation on May 4, 2023.
SUPPLY = 44% below normal, and dropping
DEMAND = 17% below normal, and rising
NEW LISTINGS = Only 30k new listings YTD; this is the lowest in over 23 years! We need more inventory!
LISTINGS UNDER CONTRACT = Down from April 2022 but has risen for past 4 weeks
DAYS ON MARKET = 25; historically normal
MEDIAN SALES PRICE = $455,000 – up from $430,000 last month
** This has increased for the last 2 months!
ANNUAL MEDIAN SALES PRICE PER SQUARE FOOT APPRECIATION = Down 7.6% YOY due to the rapid appreciation we experienced in April last year
PRICE REDUCTIONS = Are insignificant; only 9% of listings had a price reduction in the last week of April 2023; this indicates less pressure on Sellers due to low supply
* * median price reduction was $10,000, but varies by price point
CONCESSIONS = 42.5% of all sales in April had seller paid concessions; median concession is $9,000
What’s reasonable to expect in the coming weeks/months?
Please feel free to reach out with any questions. We have more detailed notes if anyone would like them. At Bison Ventures, we understand that the current market is challenging and there is uncertainty regarding interest rates. We know we have many clients in need of a new home, and we do not want today’s interest rates to be a barrier. We are currently offering the Bison Refinance Program – After six on-time payments of your new mortgage, you are eligible for a Special Refinance for a period of 3 years from your closing date. This entails NO lender or appraisal fees. Please let us know if any of your clients would be interested in discussing this further. It’s a perfect opportunity to buy now, and lower rate later!