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<\/a><\/p>\nHomes continue to sell extremely quickly, with the monthly “Days on Market” stat coming in at a mere 26 days.\u00a0 Anecdotally, we are seeing a lot of unconditional “all cash” offers so far this year, with homes being flipped from “For Sale” to “Sold” without the usual “Sale Pending” period.\u00a0 While this is a bit concerning and not something we recommend for most buyers, it is worth noting that, so far, we are not seeing a lot of offers, all cash or otherwise, well above the asking price.\u00a0 For many vendors, an offer above asking that is conditional on financing is more appealing than an “all cash” offer, but the really high offers that we saw last year don’t seem to be there so far this year.\u00a0 This may just be an anecdotal observation without a proper statistic to back it up, but it’s something our team is watching closely.\u00a0 With at least two more interest rate increases expected this year, price appreciation may not continue the torrid pace we have become used to since the start of the pandemic.<\/p>\n
The dip in average sale price last month was likely due more to sales mix than a longer-term trend.\u00a0 Last year there were more high-priced listings on the market in March and when they sold the average sale price was skewed higher.\u00a0 So far this year we have seen very few newer and larger homes brought to market.\u00a0 Until that happens, we can expect the average sale price to remain low.<\/p>\n The inventory story continues to be much the same.\u00a0 Inventory is so low that, in a move unprecedented in the last decade, yesterday the Northwest Territories Association of Realtors members voted unanimously to lobby Yellowknife City Council to bring new land to market.\u00a0 The NWTAR has not yet articulated its position, but the gist of the concern is that we have a whole lot of construction planned in Yellowknife this year and 69% of local companies are currently hiring<\/a>.\u00a0 We need places for these people to live.\u00a0 The resale market simply won’t meet these upcoming needs and neither will the rental market with vacancy rates already low and dropping daily.\u00a0 These newcomers may not all be likely candidates to build brand new homes in areas like Grace Lake (one of the only areas that could likely be brought to market quickly) but new construction would free up lower-priced listings in other parts of town as people move up the housing ladder.\u00a0 Stay tuned for more on the NWTAR’s position on this.<\/p>\n<\/a><\/p>\n