This is the Thunder Bay Real Estate Spring Market Update effective May 1st of 2023, and, if you own a home, or are looking to purchase a home in the Thunder Bay area, then you are going to want to hear this update!
After a bit of a slower fall and winter season, when buyers were adjusting to slightly higher interest rates and the overall effects of inflation, we have begun to see an increase in market activity and a return to many multiple offer scenarios for buyers.
The current average days on market in April was 27 with the median being a very short 15 days on market, in comparison to January when the average days on market was 45.
The average sale price this April was $338,750 which was almost 17K higher than in January.
The overall absorption rate also remains very tight and indicates that we have about a month and a half of inventory on the market right now. When we talk about months of inventory, as a general rule, 5-6 months of inventory is considered to indicate a balanced market, where over 6 months of inventory would indicate a buyers market, and less than 5 months of inventory would indicate a sellers market.
As you can see, with only a month and a half of inventory, Thunder Bay is definitely in a Sellers Market.
These are very general statistics that relate to the overall Thunder Bay and rural Thunder Bay real estate market.
If you are looking for more specific market information that would relate more closely to your particular neighbourhood or home, definitely reach out, I’m more than happy to help!