Hey everyone, Vinay Lakhani here with RE/MAX Realtron. Welcome to another edition of my market report where we're going to be summarizing the sales figures for Vaughan for the month of February 2023. The sales and Vaughan for February down, just over 43% over last year. We had 254 sales compared to 446 sales. Last month, we had 416 new listings and that's down about 39% from February of last year where we had 692 new listings. The average selling price in Vaughan for all home types 1,350,000 down about 16% from 1.670,000 in February of 2022.
Let's have a look at our months of inventory, see how we're doing. We get our months of inventory by dividing the sales into the active listings. And remember that below 4 months, seller's market. Above 6 buyers market. Anywhere between balanced market. So our months of inventory was one 1.8 months and that's down from 3.5 months in January of 2023.
Let's have a look at our days on market. Our average days on market in February was 22 days on market. So it seems like the absorption rate has picked up in the City of Vaughan. We're noticing multiple offers making a return into the market, and this is due to the lack of inventory. And we've been saying this for months that this would occur if no inventory was created. So interest rates are still where they are. They have not changed as you probably have heard since the last increase. However, we are noticing a severe lack of inventory, which is pushing prices upward and causing multiple offers because of the amount of demand that there still is in the market.
Whether thinking of moving in the near future or not, give me a call and let's chat about what these numbers mean for you and the value of your home. Thank you guys for tuning in to this month's Vaughan market report. Remember that now more so than ever who you work with makes all the difference.
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