Yellowknife Real Estate Market Update April 3rd 2023

Yellowknife Real Estate Market update for this past week. 

Numbers starting to get higher as we swiftly make our way into the spring and summer selling season. This past week we saw 13 new listings come into the market, all but 1 located in the Yellowknife region. The one outlier located in Fort Smith. 

We saw 2 listings come back into the Yellowknife market after having accepted offer collapse. 

We had a total of 6 price reductions, all of which in Yellowknife. Which to me does not signal anything significant in the market, most likely these price reductions come after having initially priced too high in the first place. 

Finally we had 4 conditional sales and 4 final sales. To understand the difference between a conditional sale and a "firm" or "final" sale check out our other blog entries. 

This past week also brings us to the end of the 1st quarter of 2023. In the first quarter of 2023 we saw a total of 36 sales, down 14% from this time last year. Most likely due to the downward pressure on pricing and elevated interest rates. Our average sale price in Yellowknife Jan 1st - April 1st was $482,971, up 7% from this time last year (a healthy number). We saw 62 new listings in that time frame which on average sat on the market for 52 days before being sold firm. 

Thats your weekly and quarterly real estate market update from Nathan Round. If you have any questions or would like to get the jump on you home sale/purchase call today at 867-446-2458!