REAL ESTATE INSIGHT

Remember I said to sell in February?

In a social media video on December 20, 2022 – “Should You Sell Your House in February,” I predicted that if you were looking to sell your home, February and March would be the months to do so. This prediction – based on data I analyzed from the last 60 years – proves to be correct. Looking at our month-over-month stats, you can see significant gains in sales and benchmark prices.

While the benchmark price saw a 24 per cent decrease compared to the same time the previous year, the higher end of the market felt much of the decline as homes priced below $800,000 represented most sales.

As interest rates rise, affordability and accessibility become more complex, leading to a surge in demand for lower-priced homes. With more options available to them than a year ago, buyers are less likely to engage in competition in unfavorable market conditions. Meanwhile, sellers at the high end of the market seem hesitant to sell, likely due to the possibility of taking on a new mortgage rate and facing higher monthly payments if they move.

New listings in February fell 27 per cent compared to 2022, and new listings relative to sales prevented significant inventory gains. Although inventory levels are higher than last year, they are still lower than this time of year pre-pandemic.

Compared to the previous month, benchmark prices trended upwards and may show a stabilizing of sale prices. This February, sales were 24 per cent below last year. Yet, all gains are not lost as prices are still well above the under $600,000 price reported before the pandemic.

Understanding Home Sale Prices:
The Importance of Benchmark When it comes to analyzing home sale prices, it’s important to use the right measure of central tendency to get an accurate picture of the market. While average is a commonly used metric, it can be heavily influenced by outliers, such as homes that are much more expensive or much cheaper than the rest. To avoid this issue, it’s better to use a benchmark price. A benchmark price is a more accurate representation of the typical home price in each area. It takes into account the median sale price of a specific type of home in a particular neighborhood and is not affected by outliers. This means that it provides a clearer picture of what a typical home in that area costs.

Experience the Golfi difference!

Call 1-800-288-9184 today to find out how we can sell your home fast and for top dollar. 

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MARKET ACTIVITY

Interactive Map

Our interactive market activity map allows you to get a year-over-year comparison on the area you are interested in by simply hovering over the area. Check it out here!

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