Multiple offers are back! Inventory is down, prices are rising & increased sales.
Home Prices This Month
In March of 2022, home prices were 15% - 37% higher vs 2021 and bidding wars were everywhere. One year later, we are not down in home prices as much as the media and everyone else was talking about. In fact, Oakville detached houses are only down 4% vs 2022 which is incredible given that this was up 15% vs 2021. Burlington was up in March 7% for detached houses vs 2022 & Hamilton seen a 5% increase in the condo market
Bidding Wars?
Although we are down in home prices vs 2022, we have actually noticed that in some pockets, prices are up vs January & February of this year. With more buyers coming back to the market with confidence, the inventory has begin to come down and this is why we are seeing bidding wars again.
The Good News
However, the good news is that although you can still win them with a finance or home inspection condition….this could change month to month as the market is heating up, especially if we see more buyers come back to the market.
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