This is the Thunder Bay Real Estate Market Update for March of 2022;
Intense, Heated, Extremely Competitive.
Multiple Offers, Offer Holdbacks, Extended Irrevocable Periods.
You’ve heard the hype…
The Thunder Bay housing market is pretty heated! This Spring is looking similar to the 2021 housing market where we experienced a lack of housing inventory and a surplus of buyers.
In this blog post, I give a summary of the Thunder Bay Real Estate Market Update so that you can see what is contributing to the intensity.
Market Update- March 2022 (1st-18th)
58 detached residential homes have been listed both within the city as well as rural Thunder Bay this March. Of that 58, 43 have sold with an average of 14 days on market. The average selling price is $390,643. If we were to look at the absorption rate, it would tell us that if conditions remained the same, it would take only 1 month and 11 days to sell all of the current inventory of houses on the market if no more houses were listed.
So, how does this compare to last month? In February of this year, the absorption rate was .99, which means it would take only 27 days to sell out. It would seem that our inventory is very slightly increasing, which is a step in the right direction.
When we look at where we were at last February, we had more inventory. 85 detached homes were listed as opposed to 69 this year.
Average Increase- 2022 over 2021
Overall, at this point, we are seeing an increase of about 15% on the average price of a detached home this year to date over last year.
What you are seeing in the market is an issue of supply and demand. Low levels of inventory combined with high demand (lot’s of buyers) is driving prices up.
If you have specific questions about the Thunder Bay Real Estate Market, and how it might impact you as a buyer or a seller, definitely reach out!
Definitely leave me a comment in the comment section with your thoughts and concerns about the current Thunder Bay Real Estate Market, or the Canadian Market in general!