If you’re a homeowner in Huron County or want to relocate here, then your in the right spot. Here’s an update on the latest real estate market trends from July 2023. Make sure you stick around to the end of this video so that you can learn how the current market may affect your personal real estate goals.
I think we can all agree that we saw the market slow down at the end of July and even moved into the beginning of August. Which isn’t a huge shocker from the Bank of Canada rate increase we had seen but also just historically. The market tends to slow down in the peak of summer due to active buyers putting their search on hold for vacation, kids and so on.
In July there were 4.7 months of supply available in Huron County, which keeps us in a balanced market. What does that mean? Months of supply tells you how many months it would take for all of the homes currently on the market to sell, given the average sales volume. 4-6 months of inventory indicates a more balanced market, less than 4 months means there’s not a lot of inventory available which can drive prices up. More than 6 months of supply means there’s lots of properties available for buyers to choose from which can drive prices down.
If we compare that to this time last year we are up 42% from July 2022. So any buyers with a locked in rate can take advantage of having more properties to choose from and great negotiation power in their offers.
The average price for a home in Huron County was $585,913. This price is the 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 $653,269.
The average price for all residential is interestingly the same as it was last year in July but we are are down 9% month over month compared to June. Which equals itself back out if you were to look at May’s numbers.
List to Sale Price Ratio
The average list to sale price ratio was 96.3% in July. To put in simple terms, this means that properties were selling for 96.3% of list price. That’s down 2% compared to last month and also 2% if you compare it to 2022 in July.
Days on Market
Now this is what many people especially sellers are always wondering. How long is it taking properties to sell? On average for July in Huron County it was taking 53 days for a property to sell. That is way up from last month where it took 36-39 days on average. Sellers, don’t be frightened. Summer is naturally a cooler market and buyers are not as active due to the beautiful weather and vacation. After all, we are in Huron County and need to soak up all the sunshine we can get before winter! If you don’t know what I’m talking about, check out my Pros of Living In Huron County and Cons of Living in Huron County videos.
Ok if you’re thinking about buying real estate in the near future, mortgage rates are ranging between 5.44% 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. 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.
Market Trends Insight
So when we summarize July’s market statistics we as realtors really felt the market slow down. Although we did see 10% more houses sell in July over June, and year over year saw more sales this July then in July 2022.
This past month was a bit quiet and not too many crazy things to report on. But I can tell you that a sneak peak into the August report, we are going to have some good indications of the market picking up for fall. Myself and other realtors in the area have already been seeing the shift.
If you’re thinking about making a move this fall or want to be in a new house by Christmas now is the time to act. Also, If you want to take advantage of the fall market, now is the time to get your butt in gear. Start getting the ball rolling now by contacting a REALTOR® and/ or a mortgage broker who can discuss the best options with you.
In conclusion whether you’re buying or selling, your situation is unique and a general market update shouldn’t be used as a personal guide.
If you want an accurate market analysis for 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.
Feel free to check out my other blogs and I’ll be back next month with an updated report.