The March 2023 Market Report from the CDA MLS was just released. By and large, we are in a Sellers Market with an overall "Months of Inventory" of 3.38. Less than 5 Months of Inventory is defined as a Sellers Market, while more than 7 Months of Inventory is defined as a Buyers Market, and 5-6 Months of Inventory is "Balanced." You'll note on the table below that properties within some price ranges are listed as "Balanced" or "Buyer," but it is a Sellers Market in most price ranges.
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What does this mean for buyers and sellers?
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Buyers: Depending on the home you are interested in, you might face some competition. It is unlikely, however, that you will need to offer over asking price. This is not like the market of last year where buyers had to do things like waive their home inspection in order to compete (thank goodness!). This is a good market for sensible negotiations from both sides of the transaction, so don't make decisions in haste or out of desperation.Â
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Sellers: Although it is technically a Sellers Market, this is not the blistering market of last year. Other data shown below indicates that active listings are up 57% from last year. This means there is significantly more competition for sellers now than there was at this time last year, and it is critical to be "Marketed Well and Priced to Sell!" Make sure you are priced competitively and that you have a Comparative Market Analysis (CMA) conducted prior to listing, with a good explanation of how your agent derived the recommended sale price of your home. Along with good pricing, branding and marketing will be critical to stand out from your competition. Staging and professional photography are tried and true methods to achieve this.
