The median home price decline was modest in August. Median prices dropped by only an additional $5,000.00 during the month from the February peak price level. The total price erosion so far this year has been approximately $192,000 or 24.7%. The year-to-year comparable is continuing to indicate that the market is close to parity with the August 2021 median price. This may indicate that a majority of the price erosion has passed. However, the possible 75 basis point interest rate increase by the Bank of Canada in September might have a negative impact on median home prices.
The Market Advantage Indicator had a significant rise from last month, coming in at to 55.6 for the month. This may be an early sign that the market is starting to stabilize. The Months of Inventory declined from July to 3.2 months indicating possible early signs of market stability. The Listed Properties Days on Market continued to rise during the month to 21 days, enabling some additional time for Buyers to find their next home.
If you are considering making a move to a new home, I would appreciate the opportunity to work with you on creating a Seller and/or Buyer’s strategy that will be effective in this market, just text or call me at (519) 777-6521.
