As we delve into the midway point of 2023, it's a great time to analyze the real estate market trends and gain insights into how the year is shaping up.

June's numbers are now available, offering us valuable information about the state of the market. In this blog post, Mitch MacKenzie will examine the key statistics from June and compare them to previous months and the first half of 2022. Additionally, we will discuss the implications of these trends and make predictions about how the real estate market might fare in the remainder of 2023.

June Market Snapshot:

In terms of the average sale price, June closely follows the trends observed in April and May. However, there is a slight decrease in the number of units sold. Interestingly, homes and condos are selling faster in June than in any other month this year, with the average selling time decreasing from 36 days in the previous month to 34 days in June. These indicators point to a dynamic market where properties are in high demand, potentially benefiting both buyers and sellers.

First Half of 2023 vs. 2022:

When comparing the performance of the real estate market during the first six months of 2023 to the same period in 2022 (January to June), several noteworthy differences emerge. Firstly, there is a decrease in the number of sales by 1,924 properties, which indicates a slightly slower market activity. Total sales volume also experiences a decline, with a decrease of $1.88 billion. Furthermore, the average sales price dips by $68,747, reflecting a potential shift in buyer preferences or market conditions.

Another notable change is the increased time it takes for homes to sell. On average, properties are taking roughly a month longer to sell, indicating a more competitive landscape or a more discerning buyer pool.

Comparing First and Last Six Months of 2022:

Looking at the real estate market from a broader perspective, by comparing the performance of the first half of 2023 to the last half of 2022, we observe some interesting trends. The number of sales has increased by 1,987 properties, showcasing a potential rebound in market activity and demand. Total sales volume has also risen, with an increase of $1.46 billion, suggesting a resurgence in market value.

Additionally, the average sales price has experienced an upward trend, rising by $29,456. This increase could signify growing confidence among buyers and the potential for greater returns for sellers. However, homes are taking an additional two days to sell on average, which may indicate a slightly more cautious approach from buyers or increased market competition.

Predicting the Future:

Based on the observed trends and the performance of the real estate market in the first half of 2023, it is possible to make some predictions about how the year might conclude. If the current trends continue in the second half of the year, we can anticipate a balance similar to that of 2022. However, it is crucial to remain vigilant and pay close attention to the rate announcement scheduled for July 12th. This announcement may have a significant impact on market conditions and influence buyer and seller behaviours.

As we reach the midpoint of 2023, the real estate market shows signs of both stability and change. While the average sale price follows a consistent trend, the number of units sold experiences a slight dip. Nonetheless, the market remains dynamic, with properties selling at an accelerated pace in June. Analyzing the first half of 2023 against 2022 reveals fluctuations in key indicators such as sales volume, average sales price, and time taken to sell homes.

To predict the outcome of 2023, we must closely monitor market conditions and upcoming announcements. Whether you are planning to buy or sell this fall, understanding the trends and factors that impact the real estate market will be crucial in making informed decisions.