The market remained strong through June of 2022. As seen on slide 1, while the number of sales was down almost 10% in Q2 compared to Q2 2021, average and median prices were up 11–12% while days to offer were the lowest in 5 years, at an average of 14 days. Inventory started to rise as we can see on slide 2. This could be a result of rising interest rates and sellers’ desires to capture the height of the market. Slide 3 shows that the last 8 weeks of Q2 saw an increase in weekly active inventory when compared to the same period last year. Even with the number of transactions down, sale-to-list price ratio was up to 106% (slide 4), showing that competition remained high through the 2nd quarter of this year. As a result, overall market volume stayed flat with 2021 (slide 5) thanks to the rising average sales price offsetting the falling number of closed sales.
