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Real Estate Market Report for Stony Plain AB in Q1 2023
The real estate market in Stony Plain AB has experienced some significant changes in the first quarter of 2023. Let’s take a closer look at the data and see what it means for buyers and sellers.
Average Days on Market (DOM)
One of the key metrics in the real estate market is the average days on market (DOM), which represents the amount of time it takes for a property to sell. In the first quarter of 2022, the average DOM was 55 days. However, in the first quarter of 2023, the average DOM has increased to 96 days, which represents an increase of 74.55%.
Average List Price
The average list price is another important metric to consider when analyzing the real estate market. In the first quarter of 2023, the average list price was $482K, representing a decrease of 3.85% compared to the same period in 2022 when it was $501K. This decrease in the average list price can be attributed to changes in market conditions and increased competition among sellers.
Total Inventory Cost
The total cost of inventory is also an important to consider when analyzing the real estate market. In the first quarter of 2023, the total inventory cost was $40.0M, representing a decrease of 3.85% compared to the same period in 2022 when it was $41.6M. This decrease can be attributed to a decrease in the number of sales and a decrease in the average list price.
Total Sales
The total number of sales in the first quarter of 2023, there were a total of 56 sales, representing a decrease of 29.11% compared to the same period in 2022 when there were 79 sales.
Sales Average Price
The average sale price is another important metric to consider when analyzing the real estate market. In the first quarter of 2023, the average sale price was $441K, representing a decrease of 1.94% compared to the same period in 2022 when it was $450K.
Average LSR
The average asking to selling ratio (LSR) is a metric that represents the percentage of the asking price that a property sells for. In the first quarter of 2023, the average LSR was 0.977, representing a decrease of 1.13% compared to the same period in 2022 when it was 0.988. This decrease in the average LSR can be attributed to changes in market conditions and increased competition among sellers.
In summary, the real estate market in Stony Plain AB has experienced some significant changes in the first quarter of 2023. The average days on market has increased significantly, while the total sales volume, total inventory cost, and the average list price have all decreased. These trends suggest that buyers have more bargaining power and sellers may need to adjust their pricing and marketing strategies accordingly.
If you are interested in buying or selling a property in Stony Plain AB, it is important to work with a qualified real estate professional.
