May 13th Market Update
Has the 2025 spring market peaked?
📉My hot take on Friday, 5/9, when I recorded this: Trump’s liberation day, tariff chaos, and economic uncertainty has had a chilling effect on the housing market.
On Monday, 5/12, a tariff ‘deal’ with China was announced that is significantly less worse… so maybe we’ll potentially see a shift in consumer behavior.
📊So looking back at April…
April Median sale price: $522,500 up +24% over last April but down from Q1 25.
# of homes sold in April: down -15% compared to last April and down from March
# of new listings hitting the market: up +5% over last April
Homes placed under contract: up +65% over last April
Average DOM (days on market) decreased by -7 days to 93 days in April but an increase of +13 days from the Q1 trend
Sale price to List price ratio was 96% in April, flat to LY and the Q1 trend
Currently the median list price: $664,900
193 available homes on the market
At this time last year, there was only 177 homes on the market with a median list price of $649K
📈Inventory continues to grow but it still remains limited and we have not returned to 2019 inventory levels yet. Prices are moderating but unlikely to fall because of the tight inventory.
Yes, some buyers and home owners have hit the pause button on their moving plans, the economy is too uncertain for them. But others may say this is the best time to be a buyer in the market, as there is less competition from other buyers and more room to negotiate. It would be a game changer is mortgage rates were closer to 6%, but that is unlikely to happen soon. Buyers are more discerning than ever and they want move in ready homes in good condition because in this economic environment, reno costs are likely to climb. Sellers should factor the current conditions into their pricing strategy (not the conditions in March) and anticipate that their home may sit on the market a bit longer.
👋If you are looking to make a move this year, give me a call. I’d love the opportunity to discuss your real estate plans with you.
*Data from CGNDMLS on 5/9/25
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