Yes, what your hearing is true. The market has shifted and it happened quick! Prices have went down compared to the beginning of this year, and there is more inventory to choose from. However, prices are still up in most areas compared to June 2021 between 2% – 23% depending on your area. It’s not all negative news, homes are still selling and buyers are still buying but it’s definitely changed out there.
Sellers: It’s more important than ever to have the right price on your home. If you don’t, it will sit and it won’t sell. Trust me on this one, I have seen it happen with my experience over the years!
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 time to make an informed decision with conditions in an offer again. So get your pre approval updated & get out there shopping.
Brantford
Average Sale Price – $709,183 (May: $750,879)
In June, 153 properties were sold – a decrease of 30% from the same month as last year. At the same time, the number of total homes for sale has increased by 89%, and the number of new homes coming onto the market has increased by 7%. The time to sell a home was 15 days on average. The average selling price is currently 105% of the asking price.
Paris
Average Sale Price – $766,473 (May: $983,917)
In June, 22 properties were sold – a decrease of 37% from the same month as last year. At the same time, the number of total homes for sale has increased by 228%, and the number of new homes coming onto the market has increased by 59%. The time to sell a home was 15 days on average. The average selling price is currently 102.7% of the asking price.
Brant County
Average Sale Price – $923,632 (May: $1,054,176)
In June, 43 properties were sold – a decrease of 34% from the same month as last year. At the same time, the number of total homes for sale has increased by 146%, and the number of new homes coming onto the market has increased by 47%. The time to sell a home was 16 days on average. The average selling price is currently 102.7% of the asking price.
Woodstock
Average Sale Price – $669,595 (May: $693,229)
In June, 69 properties were sold – a decrease of 38% from the same month as last year. At the same time, the number of total homes for sale has increased by 120%, and the number of new homes coming onto the market has increased by 31%. The time to sell a home was 20 days on average. The average selling price is currently 100.5% of the asking price.
Haldimand
Average Sale Price – $784,007 (May: $842,529)
In June, 51 properties were sold – a decrease of 35% from the same month as last year. At the same time, the number of total homes for sale increased by 152%, and the number of new homes coming onto the market has increased by 68%. The time to sell a home was 19 days on average. The average selling price is currently 102.6% of the asking price.
Norfolk
Average Sale Price – $688,180 (May: $769,741)
In June, 77 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 increased by 115%, and the number of new homes coming onto the market has increased by 31%. The time to sell a home was 17 days on average. The average selling price is currently 101.1% of the asking price.
Oxford County
Average Sale Price – $740,037 (May: $697,659)
In June, 156 properties were sold – a decrease of 30% from the same month as last year. At the same time, the number of total homes for sale has increased by 169%, and the number of new homes coming onto the market has increased by 45%. The time to sell a home was 18 days on average. The average selling price is currently 100.9% of the asking price.
