Real Estate Matters

Hello and thank you for checking out this market update for Q1 2024.

The first quarter of 2024 has been a bit of it all; a slow start with January and February being largely quiet on all fronts. March brought about activity with buyers coming to the table and sellers bringing inventory to the market. And April brought the market into full swing with a ton of activity, a large number of listings and a lot of quick, high value sales. We have started to see high levels of competition, many homes selling in multiple offers and over asking. 

Homes above the $650,000 mark tend to sit longer though homes in great shape, with suites or largely updated above this price mark still tend to sell in multiple offers at or above asking price. Homes above $800,000 are slow to sell in some cases taking longer to find the right buyers in this price range often attracting buyers in need of selling their current homes. 

Here are the numbers; Between January 1 and April 30 2024 we saw 68 sales recorded on the MLS. Average listed price of those homes being $485,900 and the average sale price of those same homes is $483,500. This homes on average for the first quarter of the year homes were ON AVERAGE selling at 99.5% of their listed price. Anything listed between 300-600 is very tough to get a deal on with so much activity. Offers need to be quick and aggressive on price. 

Yellowknife currently stands at 48 active, available listings. An additional 8 listings sit in a conditionally sold status. Of the 48 current active listings the average listing price is $624,266. Of those 48 active listings 21 are currently listed ABOVE $650,000. 

I hope this information proves useful to some in their search for a home. As we see interest rates (hopefully) begin to creep down in the coming months, first drop expected in early June, I anticipate the market will only continue on its current busy path until the weather begins to cool again in the fall.

There is a risk the market is interrupted with wild fires again as we saw last year. The 2023 summer market was largely interrupted with smoky conditions and eventually the evacuation of the City of Yellowknife. If we find ourselves in a similarly active fire season this summer expect the market to be altered and if we find ourselves evacuated or with severe fire conditions expect the market to slow considerably and sales to be put on pause as buyers begin struggling to obtain home insurance on new purchases.