April 16, 2022

Report Commentary

House and Condo sales volumes have exceeded all previous levels. Q1 2022 came in well above Q4 2021. With inventory less than half of where it was in Q1 2020 and demand still strong, hopefully new listings and pre-construction can quench thirsty buyers.

Record Increase in Sales Volumes

Sales in Q1 2022 on a dollar volume basis increased substantially over Q4 to $654m USD. Unit volumes of houses and condos was up 39% over Q4. Strong sales continued reflecting the real estate market trend North America wide. Buyers continue to come en masse and sight-unseen sales remain high. Days on Market for quality physical inventory is trending to almost zero as buyers jump to get the home they’ve been waiting for. Sales continue to be driven by buyer attitudes of 1) “LIFE IS TOO SHORT” and 2) WORK FROM HOME – if I have to work from home, home may as well be Cabo, and many buyers are simply looking to leave the US altogether. Investors continue taking money out of the US.

Overall, the residential average price jumped 22% and mean price increased by 30% over 2021 Q4. Individually average house prices rose 17.2%. Individually average condo prices jumped 46.1% due to an increase in high end condo sales.

Continuing the trend in top spot, the $2m to $5m price point again led sales in Q1 with 68 sales and $213m in dollar volume.

Days on Market trend continues tightening even as the buying frenzy continues and the Sold % of List Price trend continues to increase as the market tightens and quality inventory diminishes.

New in this Report -Current Inventory Makeup

Thanks to the remarkable drop in inventory through the end of Q1 of 2022, what’s out there to buy is becoming ever more important. We are taking a look at the current inventory and showing how much are completed houses and condos and how much are pre-construction. Everyone in the marketplace is hoping for more physical inventory to come on in 2022 but until that happens, Pre-construction looks to dominate sales with a growing percentage of the inventory.