Is the market crashing? NO it’s not! Is it balancing out? Yes it is! I like to call this market shift old real estate, where buyers get to make informed decisions again and take their time to decide if that home is really a good fit.
The rumblings are true … it’s changing out there. What does this mean for buyers and sellers?
Sellers: Because there is more inventory now, it’s more important than ever to be priced right & ensure your home is ready for the market. You want your listing to stand out from the other homes coming onto the market everyday. Over priced houses will not sell in this market. A well priced home is still seeing some competition, but also be aware that homes are taking longer to sell now.
Buyers: For all those who were frustrated with the bidding wars and couldn’t get into the housing market, now is your time! It’s your chance to make an informed decision with conditions in an offer again. So get your pre approval updated and get out there shopping.
Working with an experienced realtor who has seen this market shift before will work to your advantage. Send me an email to discuss what this means for you as a seller and/or buyer.
Brantford
Average Sale Price – $676,718 (May: $709,183)
In July, 105 properties were sold – a decrease of 36% from the same month as last year. At the same time, the number of total homes for sale has increased by 131%, and the number of new homes coming onto the market has increased by 29%. The time to sell a home was 15 days on average. The average selling price is currently 101.8% of the asking price.
Paris
Average Sale Price – $770,874 (May: $766,473)
In July, 19 properties were sold – a decrease of 36% from the same month as last year. At the same time, the number of total homes for sale has increased by 91%, and the number of new homes coming onto the market has increased by 47%. The time to sell a home was 28 days on average. The average selling price is currently 99.9% of the asking price.
Brant County
Average Sale Price – $847,764 (May: $923,632)
In July, 30 properties were sold – a decrease of 44% from the same month as last year. At the same time, the number of total homes for sale has increased by 172%, and the number of new homes coming onto the market has increased by 32%. The time to sell a home was 28 days on average. The average selling price is currently 99.7% of the asking price.
Woodstock
Average Sale Price – $647,618 (May: $669,595)
In July, 49 properties were sold – a decrease of 55% from the same month as last year. At the same time, the number of total homes for sale has increased by 192%, and the number of new homes coming onto the market has increased by 16%. The time to sell a home was 19 days on average. The average selling price is currently 97.7% of the asking price.
Haldimand
Average Sale Price – $675,604 (May: $784,007)
In July, 58 properties were sold – a decrease of 28% from the same month as last year. At the same time, the number of total homes for sale increased by 167%, and the number of new homes coming onto the market has increased by 12%. The time to sell a home was 24 days on average. The average selling price is currently 96.5% of the asking price.
Norfolk
Average Sale Price – $800,944 (May: $688,180)
In July, 52 properties were sold – a decrease of 56% from the same month as last year. At the same time, the number of total homes for sale increased by 127%, and the number of new homes coming onto the market has increased by 10%. The time to sell a home was 30 days on average. The average selling price is currently 95.9% of the asking price.
Oxford County
Average Sale Price – $636,456 (May: $740,037)
In July, 105 properties were sold – a decrease of 48% from the same month as last year. At the same time, the number of total homes for sale has increased by 189%, and the number of new homes coming onto the market has increased by 20%. The time to sell a home was 25 days on average. The average selling price is currently 98.1% of the asking price.
