06/20/2023
Monday MLS Metrics for June 19th. Remember the Bank of Canada interest rate hike 2 weeks ago? Of course you do. We saw that it had no intelligible impact on the market the week following. How about at the 2 week mark? Still nothing that we can see. It's possible that it's just too early yet, but let's go over the number from the last 7 days.
As of today, there are 2087 free-hold homes listed in the C, E and W districts of TRREB. That is the first time inventory has broken 2000 since November 2022. But with sales of just under 250 per week, that's barely 2 months inventory. There were 232 sales in the last 7 days, keeping pace with the previous week. Competing offers dipped a little from that week, with 67% of sales happening at or above asking, compared to 71% the previous week.
Where the competing offers are happening remains the same as most previous weeks. If you were shopping in the "under $1 million" category, you were seeing competing offers in 64% of the sales. If you were looking to keep your budget between $1-2 million, you were part of the 76% of buyers competing for that home. Those with budgets between $2-3 million were only fighting in 47% of the offer nights, while those with budgets above $3 million were only 43% likely to compete for a home.
This means that even in the highest priced part of the market, you are still competing for roughly half of the homes that popped onto the market.
Here is another interesting set of numbers. Below $2 million, the median days on market was 7, and the median sale vs list price was 110%. Above $2 million, the median days on market was 8 and the median sale to list price ratio was 98%.
What can we glean from those numbers? Regardless of price point, homes are selling fast, and almost 70% are selling at least 10% above the list price.
These are the numbers of a healthy market, even as mortgage interest rates edge up. Let's see what the rest of June brings.
