Number of Listings and Sales
Partially due to the inclement weather, at the end of February, we saw an decrease in the number of new listings coming onto the market compared to February 2013. The number of new listings decreased 13.86% year over year. The number of sales for the month decreased by 22.49% year over year.
Months Of Inventory (MOI)
The months of inventory indicator is used to determine supply and demand in the real estate industry. The MOI is calculated using the number of new listings divided by the sales. In other words, it no other homes came on the market, how long would it take to exhaust the current inventory. The chart below indicated that the MOI ending February 2014 was just 1.69 months – up from 1.52 months at the same time last year. When we see the MOI this low, it is indicative of a seller’s market and we often see higher sales prices as more buyers compete for quality listings.
Home Prices Have Increased
Due to limited inventory, the average home price at the end of February was up 21.73% year over year. We also continue to see quality properties selling quickly with the average days on market before a home sells being just 20 days.
Looking To See What The Market Is Doing In Your Area?
To get an accurate picture of what the real estate market is doing in your neighbourhood, I invite you to contact me today for more information.
Posted By: Shawn Lepp– Durham Region Real Estate Sales Representative
The Shawn Lepp Team is a mega-producing team at Keller Williams Energy Real Estate
specializing in Durham Region Real Estate
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