The May Market Report is here for #Longueuil!! Do you think it's a buyer or seller's market? Let's take a look.
For single-family homes: Analysis
Average Days on the Market:
The average days on the market increased by approximately 14.58%. This suggests that homes are taking longer to sell, which can be a sign of a cooling market or a shift towards a buyer's market.
Median Price:
The median price increased by approximately 0.67%. This indicates that home values are still rising, although the increase is modest. This can suggest that the market remains competitive.
Active Listings:
Active listings decreased by approximately 1.76%. This implies a slight reduction in supply, which can put upward pressure on prices and is typically a sign of a seller's market, though the decrease is small.
Listings Sold:
The number of listings sold decreased by approximately 5.61%. This indicates a reduction in demand, which can be a sign of a cooling market and a shift towards a buyer's market.
Conclusion
Given the mixed signals:
The increase in the average days on the market and the decrease in listings sold suggest a cooling trend, potentially indicating a shift towards a buyer's market.
However, the median price increase and the slight decrease in active listings suggest that there is still some competition and demand in the market.
Based on these statistics, the market is likely transitioning. It shows signs of cooling, but not drastically enough to fully categorize it as a buyer's market just yet. It may be more accurate to describe it as a balanced market with a slight lean towards buyers. Further data from upcoming months would help to confirm this trend.
For Condos:
Analysis
Average Days on the Market:
The average days on the market decreased by approximately 11.76%. This suggests that condos are selling faster, which can be a sign of a more competitive market, typically indicative of a seller's market.
Median Price: The median price increased by approximately 1.85%. This indicates that condo prices are rising, which is another indicator of a seller's market.
Active Listings: Active listings increased by approximately 5.09%. This implies an increase in supply, which can put downward pressure on prices and is typically a sign of a buyer's market. However, the increase in active listings is relatively modest.
Listings Sold: The number of listings sold decreased by approximately 16.29%. This indicates a reduction in demand, which can be a sign of a cooling market and a shift towards a buyer's market.
Conclusion
Given the mixed signals:
The decrease in the average days on the market and the increase in median price suggest a competitive, seller-friendly market.
However, the increase in active listings and the decrease in listings sold suggest a cooling trend and a potential shift towards a buyer's market.
Based on these statistics, the condo market appears to be in transition. The data shows signs of increased competition (faster sales and rising prices), but also an increase in supply and a decrease in demand. This indicates a market that may be moving towards balance, with slight tendencies towards a buyer's market due to the increased supply and reduced sales. Further data from upcoming months would help to confirm this trend.
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