Here are the December 2022 numbers:
Total number of units sold: 601 – down 30% from 857 in December 2021.
Five-year average unit sales for December: 775.
Here are the specifics for each property class:
Number of residential-class properties sold: 466 – down 22% from 569 in December 2021.
Average sale price of a residential-class property: $655,839 – down 7% in December 2021.
Number of condominium-class properties sold: 135 – down 48% from 200 in December 2021.
Average sale price of a condominium-class property: $434,973 – up 9% in December 2021.
Here are the total 2022 numbers:
Total number of units sold in 2022: 15,288 – down 25% from 20,289 in 2021.
“Even with the normal seasonal slowdown, December’s performance was in stark contrast to the very active resale market that opened 2022,” says Ken Dekker, OREB’s newly installed 2023 President. “As interest rates and inflation both climbed, buyers retreated to the sidelines and began taking a wait and see approach. However, while it’s quieter than the frantic pace we experienced in 2021, it is now a balanced market.”