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As we start a new year it’s always great to look back and see how last year ended. So before I get into where I see us going in 2025 how about we look at how 2024 ended…

2024 was an interesting year. It’s a story about changing interest rates and how they affect the market. Sales were up slightly in 2024 compared to 2023 (2.6%). We lagged 2023 until Q4, when 2024 pulled ahead. This was driven by the momentum that has begun given the reduction in interest rates that started mid-year. New listings were up significantly (16.4%) in 2024 which has given great choice to Buyers (something we’ve not seen in many years). Prices remained stable with the average selling prices dipping ever so slightly (1%) year over year.

By the numbers, year over year, home sales in 2024 were 67,610 compared to 65,877 in 2023 or up 2.6%. New listings were 166,1212 up a whopping 16.4% over 2023. With new listings outpacing sales growth our market stayed firmly in a balanced market edging slightly towards a Buyer market. The average selling price of $1,117,600 in 2024 was 1% lower when compared to 2023, that’s a 1% decline from of $1,126,263.

Now all of these numbers are of the market in total, though that doesn’t tell the whole story. We’ve started to see a split in the housing market between condos and low-rise homes. Condos have moved into a buyer’s market with many more listings and price declines. Low-rise homes have much tighter market conditions and in some areas have gone up in price over 2023.

So how about 2025, where do I see that going? It’s pretty clear to me that we will see the continuation of what has already begun in 2024. Interest rates have come down and they’ll continue to lower throughout 2025. We’ll continue to see a general strengthening in sales month over month as the year goes on. It won’t come roaring back in a single month however just like in previous real estate cycles, we’ll see a steady tightening of inventory all year long. In low rise we’ll move from a balanced market on the buyer’s end to a balanced market on the seller’s end. Condos will remain in a buyer’s market for the majority of 2025 and likely won’t see a tightening to a balanced market until 2026 when new condo deliveries will come down from the historic highs of 2024 and 2025.

For those of you who are considering making a move. Reach out, let’s have a chat. Now’s the time to set a custom strategy that will allow you to take advantage of the current market conditions.

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