April 2021 Market Snapshot

This month, we saw a new record high with 2,046 sales. There were more new listings for buyers to shop around but the inventory was quickly absorbed by the high demand that we have been seeing this the beginning of the year. Since the beginning of the year, the benchmark price for detached homes has gone by more than $30,000. The market is tight for this property type because the buyers' demand for detached homes is persistently higher than the available supply. It is still a strong sellers' market in this segment. This keeps pushing the benchmark price higher and we've reached a full recovery from 2014 levels.

This property type is also in a strong sellers' market. More record highs! Since the beginning of the year, there have been 888 sales including April. Semi-detached homes were the only segment to reach a new record year-to-date sales. There was an increase in new listings but similar to the previous segment, the level of demand quickly absorbed the new inventory. There were increased numbers of sales in all price ranges and all districts of the city. The shining stars with the most Y/Y gains are the North, NW, and SE districts; they all saw more than 12% price gains.

Price gains for townhomes are slower compared to detached & semi-detached homes. We are seeing more new listings and higher levels of inventory. That being said, there is a growing demand among buyers to purchase townhomes causing months of supply to hover around the 2 months. The long-term average is about 4 months. This property type is off to a great start in 2021; total sales hit 1,217 and that is the best YTD sales level we've seen since 2007. Although all districts' price levels trended upward in April, we are still a way's away from previous highs.

Apartments have struggled to keep up with the other three property types. Number of new listings are still high and added to the already high inventory levels. That being said, there was also an increase in the number of sales. This month the months of supply was just over 4 months and is the most balanced market condition that we've seen in a long time. Apartment owners have a bit of consolation this month. Benchmark price improved by 3.58% compared to April 2020. April inventory levels were almost 33% higher than last year but sales have increased by more than 363% (wow!). You read that right, and that wasn't a typo. Recovery for apartments is lagging but I'm happy to see that the statistics are moving in the right direction.

With warming weather on the horizon, we will likely see more new listings. Historically, there tend to be more clients thinking about selling their homes. It has been a tough few months for buyers looking for their next (or first) home with slim pickings. Competing offers and backup offers are becoming more common. Sellers are benefitting from multiple offer situations but I understand that it can be frustrating for buyers to hear "the home you are interested in is C/S with 2 backup offers" when the property has only been on market for 2 days. Let's hope there is an influx of inventory for buyers in the coming months! That's why it is so important to work with an agent that you can trust to navigate your real estate adventure in this extremely fluid market.