April Was a Very Busy Month
2024 is shaping up to be a busy year for Yellowknife real estate sales thanks to an extremely busy month of April. Last month’s 39 MLS sales were exceeded in recent years only by April 2021, which was the height of the pandemic boom.
Median average days on market came in one day faster than last year, at 21 days, and that includes the usual 10-14 days for the clearing of conditions. That’s pretty quick. If we break the sales down a bit and look at sales under $650,000, homes sold in 19 days on average, while those over $650,000 took twice as long to sell – 37 days. Sales over $650,000 also make up a much smaller portion of the total – only 13%. What does this mean for people selling higher end homes? It means you really have to get your price right, or you could be sitting on the market for a while.
Early in the year inventory seemed to be piling up relative to past years, but demand has kept pace, so it doesn’t look like we’re going to rise much higher than the current level of about 50 to 55 MLS listings on the market.
What will be interesting to watch over the next two months is the impact of the upcoming rate announcement on June 5th. The Bank of Canada is widely expected to finally begin lowering interest rates. This may lead to an increase in buyers joining the hunt in June, so current buyers might be wise to make a purchase before things tilt even further into seller’s market territory.
If you’re thinking of buying, don’t hesitate to reach out to a member of our team today for buyer representation. It can be a jungle out there, but we can guide your destination safely and with a minimum of stress.
