If you are interested in moving to Huron county or are a homeowner here, you may be interested in understanding what’s going on in the real estate market here. In this blog I’m going to jump into a review of the real estate market trends for August 2023.
Stay tuned as I’m going to give real insights throughout this video that could make all the difference in your pursuit to homeownership here in Huron County.
If you’re a buyer stay tuned to the end where I show you how your shopping options are better then they have been in over 7 years! If your ready to get started on your buying journey CLICK HERE.
Market Overview
Okay so we have some interesting data to go over for August.
July was slow and did creep into the beginning of August but we did see some good sales happening in mid to the end so let’s talk about that closer to the end of this video. August can be slow for real estate and who can blame buyers for taking a pause to enjoy the last of summer.
In August we saw a lot of inventory come to market which is going to be great for buyers to have lots to choose from for the fall market.
In August there were 5.3 months of supply available in Huron County, which keeps us in a balanced market but just at the top.
To remind you, under 4 months of inventory is a sellers market where you can see prices go up. 4-6 months means a balanced market and over 6 months of supply means there’s lots of properties available for buyers to choose from which can drive prices down. So if no more listings came to market it would take about 5.3 months for all of them to sell given the average sales volume.
If we compare August 2023 to 2022 we are up 61% from August 2022 and up 13% compared to last month.
So any buyers watching, I want you to get your but in gear because we’re going to have more inventory for you to select your perfect house this fall.
Average Price
Let’s move into pricing. The average price for a home in Huron County was just under $564,00. This number is average across all areas for all residential which is going to include larger farm properties to smaller priced condos. The single family home category averaged around $627,224.
The average price for all residential is up 10% compared to last year in August but down 4% month over month. Any sellers watching, don’t get discouraged! I have some good info coming up next.
If your looking for some properties currently on market click here.
List to Sale Price Ratio
Alright, the average list to sale price ratio was 97.9% in August. To put in simple terms, this means that properties were selling for 97.9% of list price.
So sellers, that’s up 2% compared to last month and 1% if you compare it to 2022 in August. So if you’re pricing your property correctly, we are still going to get you very close to your desired number. You don’t have to worry about having that greater cushion for negotiations that a lot of sellers want to account for. We can help you negotiate with buyers in other ways to get you the best offer as a whole.
Days on Market
Now this is some good information here. And is exciting for moving into the fall market. Let’s discuss how long it’s taking properties to sell? On average for August in Huron County it was taking 40 days for a property to sell. That has come down 13 days. Almost two weeks less on market compared to last month. Which is freaking awesome! A great indication of a good fall market. In 2022 it was taking 34 days in August so with all the interest rate increases in 2023 that is only a 6 day difference.
Interest Rates
Ok if you’re thinking about buying real estate in the near future, mortgage rates are ranging between 5.59% to 6.3% with the Guiding Star Mortgage Group.
These rates will depend if you are going fixed or variable and whether you’re getting financing through a bank or an alternative lender.
The Bank of Canada did just hold the rates for now so that should help our fall market. If you’re fixed this didn’t affect you right now but for variable rate holders it’s a nice relief. We have two more BOC announcements for this year. One on October 25th and the other on December 6th.
If you need help with finding a trusted mortgage agent, we have an in-house mortgage team called Guiding Star that is powered by Dominion Lending Centre that can provide a pre-approval within 24 hours of receiving documentation. Just let me know and I’m happy to get you in contact.
Market Trends Insight
August had some good indications for the fall market. We do have a few things to compare for sellers.
If you are trying to sell a home between the $400,000-$600,000 price point, your house is going to sell faster. If you’re over the $600,000 range, you need to be a little more patient and open with offer conditions. To give you some data with that info. In August the $400,000-$600,000 dollar range months of supply in Huron County was 2.9. The months of supply for over $600,000 was at 9.1 for August. So if you see a friends house sell quick at the $400,000 mark, just know in this current market, you can’t be comparing apples to apples.
Buying a house over the half million mark puts a lot of buyers in a position where they most likely are trying to sell a house to move up into that next price bracket. So have some patience when selling at a higher price point right now.
Buyers are looking for affordable homes and not stretching themselves quite as thin so make sure your home is presented properly out of the gate and priced to sell.
Always remember that the highest price evaluation isn’t always best. Every house and neighbourhood needs to be marketed individually so going with the realtor that just spits out the highest sale price isn’t always the best marketing position for your home. All aspects of your sale need to be accounted for to get you the best price and terms for your personal situation.
For buyers, this is going to be a great fall market for availability and shopping options. We had 25% more listings pop up in August month over month and the most amount of inventory to choose from since October 2016!
If you are looking to buy or sell this fall, the time is now, get your butt in gear!
Summary
To wrap up, whether you’re buying or selling, your situation is always unique and a general market update shouldn’t be used as a personal guide.
If you want to know where you stand on your home or you’re thinking of buying and want to know where hidden opportunities may lie, you can either request a free no-obligation market evaluation or book a call with me to have a no-pressure conversation about your options.
I’ll always just give you the real down to earth advice so that you’re informed to make the best decision that’s right for you, based on your personal situation. If that would be helpful, you can click the link HERE and set it up. Otherwise feel free to check out my other videos and I’ll be back next month to let you know how the fall market started!
Feel free to check out my other blogs and I’ll be back next month with an updated report on how the fall market started.
- MEGAN PROPER
Seller’s do you know what to expect on closing day? Check out this blog post.
