Lots of data to review this month. 

Over the last 5 years, the average number of condos on the market for sale in March has been 909. This past March, we had only 500 available. Inventory is very low.

Over the last 5 years, the average number of condos on the market that sold in March has been 440. This past March we had 322 sales, demand is lower than typical.

The low demand is being offset by the even lower supply which is maintaining the Seller's market.

The median price of a downtown condo was slightly down from $640,500 in February to $619,500 in March.

In March, the average price of a detached home was slightly down from $1,294,936 to $1,267,598. Since January 2017, home prices are now down -5.2% while condos are up 34.6%.

I don't usually pay too much attention to the average days on market but the long term trend has changed since 2017 which is interesting to note. 

Looking at the very long term picture of the average price of all types of residential real estate combined, prices are struggling a bit but still holding their ground compared to last year. Condos continue to be the best performer over the last couple years which has helped support the overall market statistics.

I think this above graph is relevant and should be periodically considered. Seem like history might be repeating although in a much less dramatic performance. The last correction saw prices struggle for 4 years, I would consider us in year 2. Will it be an identical pattern? Interesting to see the property types performing so differently between condos on one end and detached homes on the other. Why?:

- Investors would rather buy condos for their ease of maintenance?
- Simply because lower price points have larger pool of Buyers?
- Ease of HELOC financing fueling demand?
- Investors with long time horizons not selling as quickly as an end user would which reduces inventory?
- Baby boomers want to sell their home (adds inventory), free up capital and buy a condo (lowers inventory)?

Very hard to say but my guess is that it's a bit of all the above and more...

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