Market Adjustment - minor changes

Keep in mind that these stats are from a relatively small area - Parwoods-Donalda. The number of sales in April are down by 58.63% from the month before. In March there were more than double as many homes sold in the area. That is an unusual dip for April - Spring time. Home buyers and home seller are less eager to make a move, influenced by the interest rate hike, rise in cost of living and last but not least the war. 

The lowest sales price of a detached home was down by 21%. However due to a very high sales price of a newly built home the median price stayed the same as in March. The biggest winners are the condominiums, the median price rose by 7%. The lowest sales price of a condo went up by 11.11%. The biggest looser are the semis, the median price went down by 10%.

There are more homes on the market right now than at the same time last month. The month of inventory in Parkwoods-Donalda is right now 2,08 month. Which means - if there were no more new listings coming to the market in 2,08 month there would be no more homes to sell. 3 month of inventory signal a balanced  market. 5-6 month of inventory show  a buyers market - we are far, far away from that. We are still in a seller's market. 

What now? The numbers make big news and the media reported a lot about it. Should you panic? No way! These little adjustments are not big numbers considering how fast the prices rose month over month over month.  As seen in the past, once the consumers get used to paying more for gas and groceries the dream of homeownership remains a big one.