Housing Inventory Rises, Prices Climb in March 2024

The total housing inventory at the end of March 2024 increased 0.28% to 714 existing homes available for sale. Average home prices in this market area rose 10.84% in March 2024 to $367,468, up from $331,537 the previous year. Homes spent an average of 46 days on the market before selling, a 19.77% decrease from 57 days in March 2023.

Sales Activity Mixed in March There were 330 new listings in March 2024, a 0.30% increase from 329 the previous year. However, closed listings decreased 6.74% to 180, down from 193 in March 2023. The ratio of closed to listed homes was 54.5%, down from 58.7% the previous year, a 7.02% decline. Months Supply of Inventory Rises With an average of 241 closed sales per month over the last 12 months, the unsold inventory index increased to 2.96 months of supply.

This mixed bag of housing data suggests a market in transition, with rising prices, faster sales, but lower overall sales activity.

Yesterday the Bank of Canada held it's interest rate at 5%. Interested to see how the rest of 2024 unfolds!