Even with a robust 39.2% increase in new listings across the Western Region year over year, the number of new listings coming on to the market remained at near historic lows. This is further confirmation of the competitive market Buyers have experienced over the past few years, as demand for properties continued to outpace new listing supply and drive prices up in many areas. The average sale price for a residential property across the Western Region climbed to $541,720, up 19.3% from April 2018. However, with limited inventory, and affordability issues for some Buyers, it is not surprising that sales were down slightly, 3.1% year over year.
Active listings remained at near historic lows. However, likely due in part to some overpriced listings languishing on the market along with many cautious and selective Buyers waiting on the sidelines, fearful of overpaying and/or meeting stress test requirements when qualifying for a mortgage, active listings were up 36.5% over last April, with 666 properties available in April vs 488 in April 2018. Months of Inventory was 3.5 at the end of April 2019, up from 2.5 recorded a year ago but still well below historic averages.
Affordability remains the ongoing concern, although with interest rates reported to remain steady and spring weather on the way, potential Sellers may feel more confident listing their homes for sale, enticing more Buyers to jump into the market this spring.