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Huron County Real Estate Market Update | April 2024

Huron County Real Estate Market Update for April

Are you a homeowner in Huron County or interested in becoming one? Here’s the fresh data for April 2024 in the Huron county real estate market. We saw an increase in sales and listings year over year and month over month so we are definitely seeing the busiest months in real estate come to fruition. Stick around to hear the insights to help you build out a strategy for your moving goals and how the current market could impact you whether you’re thinking about buying or selling in this spring market.



Market Overview

Okayy, in April we finally hit the 6 month mark of active inventory which officially puts us into a buyers market.  We have been hovering in a balanced market for a year now. Which has helped keep a bit more stability in our small area and keep us from the crazy market conditions we saw a few years ago. It has allowed buyers and sellers to equally negotiate prices and terms back and forth until they come to an agreement. To reflect back on March, we had 5.1 months of supply available which is a 18% increase month over month, and also a 58% increase year over year. 

Average Price

The average price for a home in Huron County was just over $609,447.  As I always say, keep in mind this metric includes rural properties and smaller priced condos and that Huron county doesn’t have a huge sample size. The average price is up 8% vs last month, but it is down 4% vs this time last year.  

Huron County Real Estate Market Update for April

List to Sale Price Ratio

Alright, the average list to sale price ratio was 97.7% in April. This means that properties were selling for 97.7% of list price.  In comparison to last month and last year we are less than a 1% increase from 97%.

Days on Market

The average days on market in April has actually increased to 68 days.  That is trending up from last month where it took 61 days on average which is a 11% increase and up 74% compared to last year.

Over the last few months we have been hovering between 60-70 days on market. Its definitely an intel that although the spring market is seeing more sales, buyers are not rushing into anything.  They are taking their time to shop around.

Interest Rates

Ok if you’re thinking about buying real estate in the near future, mortgage rates are ranging between 5.09% 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 next scheduled date for announcing the overnight rate target is this week on April 10, 2024. I am not a professional in determining rate changes.  Some optimists are thinking rates could drop as soon as early summer and others don’t think we will see anything until later fall.

If you’re looking to make a move and be settled in the summer and fall, now is when you should be actively looking.   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 which my buyers have personally experienced last month.

Market Trends Insight

Alright, although we did see some minor snow flurries at the end of April, I finally feel optimistic that the winter is officially gone here and sellers can really get serious about prepping their homes and making a move this year.

We are seeing fewer people upsizing in today’s higher interest environment which means they are not buying a home and not selling their existing, which can lead to a slower market.  Many people are looking for ways to save money or opportunities to incorporate multigenerational homes into their search.  So if you’re sitting on a property that meets that criteria, you may be at an advantage.

We did see 168 new active listings in April which is a 34% increase month over month and also a 54% increase year over year. So if we compare year over year, we are definitely having a better spring market compared to 2023. Sales are also up 30% verse last month at 70 transactions, with a 11% increase in sales year over year.

Personally my buyers faired out well in April buying homes under asking and with all their protection conditions inserted into their offer and met so that they can feel confident in their purchase.  On that same note, with a seller’s perspective.  Sellers should never be afraid of buyers submitting offers with conditions because it also gives you a piece of mind that they won’t be backing out a week before closing because they saw something pop up they didn’t see before in a home inspection or potentially a buyer who didn’t have a financing condition and then tell you two days before closing that they don’t have the funds.  Unless you have something to hide, it’s a win-win for both parties.  If you’re looking for ways to list your house and have less problems pop up that you didn’t expect.

I would love to discuss your personal situation and how I can help set you up with a successful listing from the start.

Summary

Always take this market update data should be taken with a grain of salt.  I would love to give you a unique market analysis for your personal situation whether you’re thinking of buying or selling. Please send me an email for a pressure free conversation. I would love to hear your story and how I can help you make the most informed decisions for all your moving goals this year.  

If that would be helpful, you can click the link HERE and set it up.

Huron County Real Estate Market Update for April

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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