Low supply is the figure that matters most to both buyers and sellers right now. At 1.63 months, the market favours sellers who price correctly, since well-priced homes are drawing competition rather than sitting, but an overpriced listing still stalls regardless of how tight supply is overall.
New listings are up 12.3 percent year over year, so more sellers are testing the market, which means competition among listings is rising even as overall supply stays thin. Pricing accurately from day one matters more in that environment, not less.
Joel Dyck uses a hand-reviewed valuation to price a home correctly against current conditions rather than a stale citywide average. Get your hand-reviewed valuation from Joel Dyck.