Detached: While supply continues to be low relative to demand for lower-priced homes, we are seeing conditions shift into balanced territory for homes priced above $700,000. Both sales and new listings reported significant year-overyear declines over last year’s record high. While the seasonal monthly gain did see inventories move up over the last two months, levels are still amongst the lowest seen in February, and the months of supply fell below two months. The average sold price so far in 2023 is higher than 2022, see chart above.
Semi-detached: Like the detached sector despite the seasonal monthly gain, both sales and new listings fell from last year’s record high. While inventories are starting to rise over the levels seen in the past few months, they remain amongst the lowest levels reported for February. The relatively low inventory levels caused the months of supply to fall below two months in Feb/23, while it is still higher than last year’s ultra-low levels, conditions.
Townhouse/Row: Conditions remained exceptionally tight in Feb/23 with only one month of supply and a sales-to-new listings ratio of 87 percent. While row sales have eased over record levels, they have remained relatively strong for February as demand shifts toward the affordable product in the market. The persistently tight conditions caused further upward pressure on prices.
Apartment: Sales for apartment condominiums did not see the same pace of decline as other property types in Feb/23 partly due to the level of new listings coming onto the market. Persistently strong sales compared to listings have caused February inventory levels to remain relatively low compared to levels seen over the past eight years and the months of supply once again dropped below two months. The tight market condition contributed to the upward pressure on Benchmark prices, but average sold price was similar to 2022.
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