May 2023 Market Update

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 April 2023. The sales in Vaughn for April were down just over 1.7% over last year. We had 350 sales compared to last year's 336 sales. Last month, we had 526 active listings down about 21% from last year where we had 668 active listings. The average selling price in Vaughan for all home types, 1,369,000 thousand and that's down about 4% from last year where we're at 1,433,000.

Let's have a look at our months of inventory. Our months of inventory, we divide the sales into the active listings. So Below 4 months, seller's market. Above 6 months, buyers market. And anywhere in between is balanced. We are unchanged from last month in March where we're at 1.5. So in April, we also had 1.5 months of inventory, which indicates that we are still in a very strong seller's market with inventory being challenging for buyers to find.

Let's look at our days on market or averages on market. We're sitting at 18 days on market, which is down slightly from the prior month, we're at 21 days on Market. So things are starting to sell a lot quicker. And that's again, due to the lack of inventory that we're facing pretty much in most of Vaughan and most of the city. But it does look like things are getting a little bit better and hopefully buyers will start to take advantage of the inventory that's coming onto the market.

If you want to hear more about what this means for you, DM me.