Last month we had 29.2% fewer properties sold than in March 2022 but a 28.3% increase from February 2023. Sales of condos were down 29.4% from March 2022 with only 197 units sold. Sales of single family homes decreased 31.8% from March 2022 with 281 sold. 

We had an increase of overall sales 8.9% compared to the previous month of February and an 85.3% increase from the 1,063 active listings for sale at the end of March 2022. Demand is recovering, compared to the end of 2022, prices have firmed up and interest rates have become normalized. Consumers are more active, and we are seeing quite a few multiple offers on well-priced properties.

We've seen our sales numbers this month almost double from January and as we move further into spring, we expect that the return to confidence we've seen in the market will continue. What we can't predict is what the overall impact on pricing will be if we continue to see quite low inventory across our community. Some pockets of our market are busier than others, inventory continues to trend lower than long term averages. As our spring market continues to strengthen, we may start to experience some upward pressure on pricing again