Note: The data in parentheses are from the December 2024 Market Report.
The first month of the year has come to a close and the numbers are in. New listings at 4,737 (1,783) are expectedly higher than last month and 37% higher than in January 2024. The average property days on market is 57 (58).
Read below for the average sold prices of the different housing categories. Also included are the year-over-year/YoY data of average prices and sales:
- The average sold price for detached homes is $1,579,386 ($1,624,500). That is lower than last month’s but 1% (-0.3%) higher than last year. Sales increased by 3.8% (-16.3%) YoY.
- Semi-detached homes were the biggest price jumpers last month but suffered a -3.7 (10.9%) YoY change with a big drop in average sold price to $1,154,505 ($1,302,024). However, the number of units sold actually increased by 25.7% (-11%) YoY.
- Townhomes sold higher on average at $941,893 ($900,503) posting a 5.1% (-18.2%) YoY increase. Sales also went up 15.7% (21.4%) YoY.
- The average sold price for condos trended down to $691,039 ($719,774), -2.4% (1.7%) lower than January 2024. Sales are also down at -14.5% (-4.7%) YoY.
Annually, sales are up in all categories except for condos. Average prices moved up for detached and towns while it decreased for semis and condos compared to January 2024. We have plenty of housing inventory especially condos with an increasing number of new builds ready for occupancy. Condos accounted for 62.7% of all new listings.
We are seeing more buyers getting into the market as borrowing costs drop further. An increasing number of sellers are also willing to test the waters. These should drive up sales and prices a bit more in the coming months although we anticipate some dampening effect from the ongoing trade wars. It is still early days and barring condos, the market is definitely getting warmer.
Buyer and seller alike may benefit from professional help. If you have questions or need assistance, send us a message. We are always happy to discuss.