Real Estate Market Analysis: May 2023

by CENTURY 21 United Realty Inc. Brokerage

As we move further into the spring market of 2023, it’s time to take a closer look at the real estate market’s performance. The statistics for May 2023 reveal interesting trends and insights. The average number of sales for the month was 117, with an average price of $644,096. Comparing these figures to May 2022, there was a marginal 0.8% decrease in the number of sales, while the average sale price experienced a more significant decline of 10.8%. Additionally, the number of active listings in May 2023 increased by 11.6% compared to the same period the previous year.

The relatively stable average number of sales suggests that the market has maintained its momentum, with only a slight dip. This indicates that despite changing conditions, buyers remain active and engaged in the real estate market. However, the noticeable 10.8% decrease in the average sale price signals a shift in property values. Various factors, such as market dynamics, economic influences, or evolving buyer preferences, could be contributing to this decline.

On the bright side, the increased number of active listings in May 2023 provides buyers with a broader selection to choose from. With more inventory available, buyers have the opportunity to explore various options and potentially negotiate favourable deals. Sellers, on the other hand, may face heightened competition as they strive to stand out in a market with increased choices for buyers.

An interesting aspect worth noting is the relatively short average number of days on the market in May 2023, which was 19 days. This indicates a fast-paced market, with properties selling swiftly. Sellers may attribute this to factors such as high demand, limited inventory, or effective marketing and pricing strategies.

While the May 2023 real estate statistics reflect a decline in average sale prices, the market remains active and presents opportunities for both buyers and sellers. By staying informed about market conditions and working with knowledgeable professionals, individuals can navigate the evolving real estate landscape with confidence.

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

As always, it’s essential to stay informed and seek the advice of experienced real estate professionals when making decisions in the current market. Need help to decide your next move? Don’t know what these numbers mean for you? We always have an agent on duty to help you. Call our office at 705-743-4444 and we will be happy to direct you to a REALTOR® to answer your questions.