APRIL 2023 MARKET UPDATE
Wednesday Apr 05th, 2023
KEEPING AN EYE ON APRIL
A slower start to the real estate market in the Durham Region this year has largely been a result of lack of participation among sellers. Surprisingly, buyers are in the game, but Sellers have yet to enter the field in the numbers required to meet demand. Quite frankly, our inventory levels have suffered since before the beginning of the New Year and have yet to replenish themselves. As such, we are seeing multiple offers again, the holding back of offer presentations, and homes selling considerably over list price. It should make for an interesting spring, in both volume of offerings and productivity. Top economic and housing analysts from the big banks are predicting that sales will begin to recover later in the year, but they are still releasing dire warnings of further drops in property values in the near term. If what we are currently experiencing here in the Durham Region is any indication, that timeline and forecast may not apply to us. We’ve experienced this many times before – where our area is not as impacted as other areas (living in the shadow of the CN Tower certainly has its perks!). But also where forecasters, analysts and economists got it wrong (case in point: the pandemic spawned a real estate mania that was nowhere on anyone’s radar!).
Of course, it’s all speculation as we have to see what happens with supply and consumer confidence, both of which need to increase immensely. But right now, the drop in values has somewhat mitigated the higher cost of borrowing and many buyers are coming out our way where they can buy at more reasonable prices and get more bang for their buck.
April is, traditionally, a time of improved selection and the beginning of the season for rural, country and cottage offerings as well. Inventory historically swells this month, usually peaking in May. We’ll see if that holds true for 2023. Navigating the spring market will take infinite finesse teamed with a truly tactical approach. Being the leaders of Durham Region’s real estate marketplace for the past dozen years translates to wisdom and insight and good advice -- invaluable assets to clients.
As always, we are sincerely grateful for the opportunity to serve your real estate needs, and those of your family and friends, neighbours and co-workers. It is a constant thrill to receive personal recommendations from our clients, and we have been so fortunate to be able to build our business on our name and reputation – and it’s all thanks to you!
Wishing you and your family all the best this EASTER WEEKEND!
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