March 2022 Market Report: The Market is Changing

Are you hearing rumbles that the market is crashing?
Hold your boots … it’s not crashing, it’s changing. When I say it’s changing, I like to refer to this change that “old real estate” is coming back. What I mean by that is we are seeing homes on the market a little longer, sellers are not getting their crazy over list price, we are seeing conditions coming back in offers and there are not as many buyers out there as there was in January of this year.
Yes we have more homes available to the buyer now, however, we are still at an industry low for inventory. Will it stay this way? Time will tell … we aren’t in a balanced market yet, but if this continues we may very well be!
The world and our economy isn’t calm right now but if your working with a seasoned realtor to buy or sell, real estate is still going strong.

Brantford

Average Sale Price – $807,129 (February: $855,659)

In March, 175 properties were sold – a decrease of 19% from the same month as last year. At the same time, the number of total homes for sale has increased by 16%, and the number of new homes coming onto the market has increased by 8%. The time to sell a home was 8 days on average. The average selling price is currently 123.1% of the asking price.

Paris

Average Sale Price – $1,049,159  (February: $1,030,652)

In March, 49 properties were sold – an increase of 2% from the same month as last year. At the same time, the number of total homes for sale has increased by 291%, and the number of new homes coming onto the market has increased by 54%. The time to sell a home was 8 days on average. The average selling price is currently 117% of the asking price.

Brant County

Average Sale Price – $1,160,005 (February: $1,188,998)

In March, 77 properties were sold – a decrease of 1% from the same month as last year. At the same time, the number of total homes for sale has increased by 72%, and the number of new homes coming onto the market has increased by 35%. The time to sell a home was 10 days on average. The average selling price is currently 115.1% of the asking price.

Woodstock

Average Sale Price – $781,451 (February: $829,035)

In March, 108 properties were sold – an increase of 3% from the same month as last year. At the same time, the number of total homes for sale has increased by 94%, and the number of new homes coming onto the market has increased by 28%. The time to sell a home was 7 days on average. The average selling price is currently 118.2% of the asking price.

Haldimand

Average Sale Price – $889,455 (February: $883,385)

In March, 99 properties were sold – an increase of 25% from the same month as last year. At the same time, the number of total homes for sale increased by 34%, and the number of new homes coming onto the market has increased by 21%. The time to sell a home was 11 days on average. The average selling price is currently 117.6% of the asking price.

Norfolk

Average Sale Price – $800,830 (February: $729,427)

In March, 133 properties were sold – an increase of 6% from the same month as last year. At the same time, the number of total homes for sale increased by 10%, and the number of new homes coming onto the market has increased by 1%. The time to sell a home was 13 days on average. The average selling price is currently 107.2% of the asking price.

Norfolk

Average Sale Price – $785,704 (February: $840,810)

In March, 225 properties were sold – a decrease of 10% from the same month as last year. At the same time, the number of total homes for sale has increased by 27%, and the number of new homes coming onto the market has increased by 6%. The time to sell a home was 8 days on average. The average selling price is currently 116.7% of the asking price.

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