Sales Volume Surge:
The sales volume has experienced a significant surge, boasting a remarkable 37% increase year-over-year and month-over-month. Notably, there has been a distinct surge of 22%.
Diminishing Inventory Impact:
The diminishing inventory is intensifying competition within the market, reflecting the heightened demand and limited availability of properties.
Surprising Growth in Condo Sales:
Contrary to initial expectations centered around downtown freehold properties, there has been an unexpected surge in condo sales, marking a substantial year-over-year increase of 40%. This unanticipated growth in condo sales adds complexity to the market's dynamics and underscores broader demand trends.
Contextualizing Sales Figures:
It's crucial to contextualize the current market situation with January 2023, which witnessed historically low sales. Against this backdrop, the ongoing rebound in both condo and freehold markets stands out as particularly noteworthy. The resurgence in sales volumes serves as an encouraging indicator of market recovery.
Stability with a Slight Dip in Prices:
Despite the surge in sales volumes, prices have experienced a marginal year-over-year decrease of 1%. Overall, prices have maintained stability over the past year, with a noticeable peak observed in Spring 2023, sparking speculation about future trends.
Potential Price Surge in Spring:
Historical patterns suggest the potential for a price surge in the upcoming Spring season. Typically, buyers return to the market faster than sellers during early Spring, leading to heightened competition and constrained inventory. However, the prospect of increased Spring inventory could potentially restore balance to the market and alleviate pressures stemming from competition.