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March 2024 Housing Market Update:
- March sales spiked to 2,664 units, a 10% year-over-year increase, surpassing typical trends.
- Despite a slight uptick in new listings to 3,172 units, they remained below the March average, failing to meet demand.
- Ann-Marie Lurie, CREB®'s Chief Economist, noted the tightest market conditions since 2006 due to high migration and dwindling supply.
- Inventory dropped, especially for properties under $1,000,000, with a significant decline below $500,000.
- The total residential benchmark price rose to $597,600, up 2% from last month and 11% year-over-year.
Detached:
- Sales increased but were constrained by limited new listings.
- Inventory levels remained stable but significantly lower than last year, driving price gains.
Semi-Detached:
- Supply constraints persisted, with the sales-to-new listings ratio reaching 96%, driving further price increases.
Row:
- Both sales and new listings rose, but the sales-to-new listings ratio prevented significant inventory changes.
- Inventory levels dropped, particularly for properties priced below $400,000, leading to price gains.
Apartment Condominium:
- Sales hit 814 units, contributing to record-high quarterly sales.
- Tight conditions favored sellers, with prices rising over 17% year-over-year.
Overall, the market continues to favor sellers, with tight supply conditions driving price growth across property types.
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