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Huron County Real Estate Market | October 2023

Huron County Real Estate Market for October 2023

Are you a homeowner in Huron County or interested in becoming one? If you’re interested in understanding what’s going on in the real estate market here so that you can start making a plan for your next move stay tuned.  In this blog I’m going to jump into a review of what happened in the real estate market for October 2023.

Keep reading 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

Alrightyyy, October turned out to be a bit of a doozy.  To put it frankly, the market was quiet.  Are houses still selling? Sure they are but it is slow and takes much more time to sell properties then we are used to.

In October we saw 17% less sales compared to September.

In October there were 5.5 months of supply available in Huron County, which means were in a balanced market. The months of inventory is the balance between supply and demand which is reflected in the months of inventory. It’s a measure of inventory relative to the number of sales each month.  The higher the MOI, the cooler the market is which is typically over 6 months. A balanced market between 4-6 months means a market where prices are neither rising nor falling. The lower the MOI, the more rapidly we would expect prices to rise.

What we are experiencing and seeing is that at the cusp of a buyers market at 5.5 MOI, we are already feeling the pull of a cooler winter market to come. 

If we compare October 2023 to last year we are up 77% from 2022 and down 2% compared to last month. 

Average Price

The average price for a home in Huron County was $551,097. This price is average across all areas for all residential which includes farms and condos.

The single family home category averaged around $610,749.

The average price for all residential is about $2000 less compared to last year in October and down 2% month over month. 

List to Sale Price Ratio

Huron County Real Estate Market for October 2023

Alright, the average list to sale price ratio was 96.1% in October. This means that properties were selling for 96.1% of list price.  That’s down 1% compared to last month and up 1% compared to last year.

A tip for sellers – stay ahead of the market prices and take into consideration the comparables for your property in relation to the list to sale price ratio.  This will help you price your home properly from the start to gain traction quickly so that you avoid price reductions later on that leave your listing stale.

Days on Market

How long is it taking properties to sell?

On average for October in Huron County it was taking 53 days for a property to sell. That has gone up 13% or 6 days compared to September. In 2022 it was taking 47 days in October which is also a 13% increase year over year. 

Interest Rates

If you’re thinking about buying real estate in the near future, mortgage rates are ranging between 5.89% 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.

Luckily the bank of Canada didn’t raise the rates on October 25th but we have already felt the massive changes from their previous raise of rates that started in June. There is still one more announcement 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. 

Huron County Real Estate Market for October 2023

Market Trends Insight

The fall market which is notably the second busiest time in real estate really shaped up differently this year. 

Today’s home buyers are paying around or over 6% for a mortgage, which has weighed on people’s ability to afford a home.

Any imbalance between supply and demand can be different around different parts of Huron Count as well as house types.

Buyers and sellers, it’s important to understand your local market dynamics in the areas you’re considering.

If you’re thinking of selling in the spring, reach out to create a plan. Now is the time you want to create a to do list and work at it over winter.  Don’t be afraid to set up a time with me to streamline your list of the dos and don’ts to worry about so that you’re not spending unnecessary money or precious time. Buyers if you have been actively looking in this market, keep your eyes peeled for the right one to come along and make sure all your conditions are met with ease.  It’s a good time to negotiate a deal with all the protections you want to make confident buying decisions. 

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.

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

- MEGAN PROPER

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