fbpx

Huron County Real Estate Market | September 2023

september huron county market update

 Hey, are you a homeowner in Huron County or interested in becoming one? If so, 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 what happened in the real estate market for September 2023. Read to the end 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. 

Market Overview

Okay, September shaped up a bit differently than the end of summer activity indicated. The end of July and into August it really looked like things were going to pick up for our fall market.  But the data looks as if it did go up and then just stayed on par on some stats and declined slightly in a few other numbers so let’s dive into some of these.

In September we did see 21% more sales compared to August.

In September there were 5.6 months of supply available in Huron County, which still keeps us in a balanced market but just at the cusp of it.

For a reminder, under 4 months of inventory is a sellers market where you can see prices increase. 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 5.6 months for all of them to sell given the average sales volume.

If we compare September 2023 to 2022 we are up 70% from September 2022 and up 6% compared to last month. 

Average Price

Let’s get into pricing. The average price for a home in Huron County was $563,062. To remind you this price  is average across all areas for all residential which includes farms and condos. The single family home category averaged around $604,606.

The average price for all residential is down 11% compared to last year in September and interestingly almost the same month over month.  The difference between August and September’s average is less than $1000. 

september huron county market update

List to Sale Price Ratio

Alright, the average list to sale price ratio was 97.3% in September. This means that properties were selling for 97.3% of list price.  That’s down just under 1% compared to last month and compared to last year. Even though 1% isn’t a huge number. It’s still a great reminder for sellers to stay ahead of the market trends and moving into the winter you need to be pricing your property fair out of the gate to gain traction quickly.  

Days on Market

Let’s discuss how long it’s taking properties to sell.

On average for September in Huron County it was taking 47 days for a property to sell. That has gone up 7 days.

In 2022 it was taking 44 days in September and in 2022 after September the days on market did increase into the winter months. This is normal but again a reminder if you want your property to sell quicker and stand out in this market you need to be prepared with a good price and marketing strategy for the winter market we are heading into.

If you have stayed with me this far, I know some of this information sounds gloomy but if your a buyer with a pre-approval in place already you should be jumping on these opportunities and ill explain why next.

Interest Rates

Ok if you’re thinking about buying real estate in the near future, mortgage rates are ranging between 5.79% 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. We have two more BOC announcements for this year. One at the end of the month on October 25th and the other on December 6th.

If you are looking to buy in this market and have a pre-approval you need to get in the game.  When interest rates are higher than the population is used to, buyers will sit back and wait for interest rates to drop again (if they do in the near future?) and who has a crystal ball, right? In this market real estate prices will naturally decline due to low demand from buyers.  So right now with 5.6 months of inventory to choose from in Huron County you can take advantage of negotiating a property possibly under asking, with all of your conditions accepted by the sellers.  Once those rates drop, the market will flood with buyers again and you can expect similar conditions to what we experienced in the pandemic. 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

Although the fall market didn’t pick up as much activity as we thought it indicated, I do still have some insights for buyers and sellers.

SELLERS…

If you’re thinking of selling you need to reach out now to create a plan.  If you aren’t looking for an immediate move, it would be worth inquiring about listing in the spring and now is the time you will want a few outside photos taken to have on file. This will ensure you have beautiful photos for a few different seasons for buyers to see and envision. If you are looking to sell quickly, consider discussing the price you need to list at and then listing just a bit lower. Pricing ahead of the winter season will help you in these ways. You may be pleasantly surprised to work with buyers that know they are getting a house that is priced fair. They may be willing to negotiate other terms that are important to you, such as a quicker close or taking on some furniture you don’t feel like moving and so on. Some of you may think I’m leaving money on the table but if your property sits and sits because buyers won’t even come in the door, then I PROMISE, you will definitely be leaving money on the table. We can market your home the PROPER way, unique to its neighbourhood and characteristics to negotiate a good sale for you.

BUYERS…

Buyers this is a good season for you to be shopping around and keeping your eyes peeled.  We are on the cusp of a buyers market and that is giving you a big advantage in your shopping options.   Less bidding wars, lower prices, better negotiation power and if rates drop, you may get a better rate in a few years then you will come out winning verse someone who buys a home at a way higher price with a lower rate, who then renews their term at a higher rate.  You will have extra money at the end of the day and more equity in the future if you fix it up and hold that real estate.

Summary

So the bottom line is that whether you’re buying or selling, your situation is unique and a general market update should be taken with a grain of salt. 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 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.

september huron county market update

Feel free to check out my other blogs and I’ll be back next month with an updated report.

- MEGAN PROPER

Things to do in huron county in october

Looking for fall activities to do in October in Huron County? Check out this blog post.

Join The Discussion

Compare listings

Compare