Real Estate Market Analysis: June 2023

As we delve into the summer of 2023, it is essential for homeowners to stay updated on the latest market trends. In this blog post, we will analyze the statistics from June 2023 and compare them with the figures from June 2022 to provide valuable insights into the current state of the real estate market.

June 2023 saw a substantial increase in the average number of sales, with a rise of approximately 34.9% compared to the same period last year. The average number of sales soared from 106 to 143, indicating a surge in real estate activity. This increase signifies a robust demand for properties, potentially fueled by factors such as favourable interest rates, a growing population, or a booming local economy.

Contrarily, the average price of properties experienced a slight decrease, dropping from $665,536 in June 2022 to $639,211 in June 2023. This translates to a year-over-year decline of approximately 4% in average sale prices. While the decrease might initially raise concerns, it could be attributed to various factors such as shifts in market demand, changes in buyer preferences, or fluctuations in the availability of higher-priced properties.

The number of active listings in June 2023 stood at 212, displaying a decline from the 231 listings recorded in June 2022. This reduction indicates a decrease in the inventory of available properties, potentially contributing to the heightened competition among buyers. A limited supply of homes could lead to a more competitive market, with potential buyers needing to act swiftly to secure desirable properties.

An essential metric in assessing market conditions is the average number of days a property spends on the market. In June 2023, this figure stood at just 20 days, showcasing a swift pace at which properties were being sold. A shorter time on the market is indicative of a seller’s market, where demand outpaces supply, leading to quicker sales. This highlights the need for both buyers and sellers to be proactive and well-prepared in this fast-paced environment.

The surge in the average number of sales, coupled with a decrease in average prices, suggests a market in which buyers have more options and bargaining power. Moreover, the decline in active listings and the remarkably short average days on the market emphasize the need for prompt decision-making and careful planning.

Highlighted below are some of the major areas covered by our stats: