Spring Market Begins - April Belleville Market Update

As the spring market gets in full swing in the month of April, let's take a look at the latest real estate market data so we can stay informed about the latest trends and developments.

1. Steady Market Conditions:
Since the beginning of the year, the Belleville real estate market has maintained a steady trajectory. Despite some fluctuations, the market has been steady overall without much volatility.

2. Strong Price Recovery:
In March we saw a good increase in median sale price up 4.8% from previous month in February, maintaining a steady but slightly upward trend since the beginning of the year. Since the market bottom in November, we've witnessed an impressive 12.4% increase, indicating a strong recovery.

3. Persistent Inventory Challenges:
Inventory remains tight, with only 1.5 months of inventory available. This persistent scarcity has been a defining characteristic of the market since December, contributing to heightened competition among buyers and driving demand for available properties.

4. Accelerated Sales Pace:
A notable trend observed in March is the continued decrease in days on market, now down to just 34 days. This accelerated sales pace is a significant improvement from the peak of 53 days in January, suggesting the market moving towards a Seller's Market.

In summary, the Belleville real estate market is demonstrating consistency and growth, characterized by rising prices, persistent inventory challenges, and an accelerated sales pace. As we move forward, it's important to keep a close eye on market conditions and be ready to adapt as necessary..

Should you have any questions or are considering your next move in the market, don't hesitate to reach out. Here's to a prosperous and exciting year ahead!

Cheers,

George Wang

*Data based on CLAR monthly housing market reports.