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Huron County Real Estate Market Update | February 2024

Huron County Real Estate Market Update for February 2024

If you’re a homeowner in Huron County or planning to become one, here’s what went down in February 2024 in the Huron county real estate market. It has been a fantastic start to the year so make sure you stick around to the end of this video so that you can take advantage of some hidden opportunities whether you’re thinking about buying or selling this spring.

Market Overview

Alrighttyyyy let’s get into it.

Last month we talked about how busy the beginning of the year was being felt in the day to day market. I’m happy to share that it continued into February. In select properties we even saw some properties go into multiple offers.

In February there were 4.5 months of supply available in Huron County. What does that mean? If no more homes were listed for sale, how long would it take for all the existing homes on the market to sell, given the current level of demand? The Months of Inventory ratio takes the number of homes available for sale in a specific month and divides the number of homes sold in that month.  The higher the MOI, the cooler the market is. A balanced market where prices are neither rising nor falling is between four to six months. The lower the MOI, the quicker we would expect prices to rise.  While the current level of months of inventory gives us clues into how competitive the market is in present time, the direction it is moving in also gives us some clues into where the market may be heading.  How is that number trending vs. last month? Well it’s up 2% from last month and up 45% from last year which doesn’t surprise me, as we’re heading into the spring market when more properties tend to get listed, so I wouldn’t conclude yet that it means the market is shifting beyond what it normally does this time of year but it most definitely feels like it’s the start to a good spring market.

Average Price

Okay, The average price for a home in Huron County was  $619,429.  As always, keeping in mind this metric includes rural properties and smaller priced condos and that Huron county doesn’t have the largest sample size. The average price is down 3% vs last month, but it is up 19% vs this time last year, so while it may seem that pricing has stabilized, in my opinion it could just be that there was a bit of skewed data and inventory left over from the end of 2023 that it drove prices up a bit in January. As some higher priced listings could have been sitting for a while and then sold in early 2024.  That is going to mess with our metrics as we don’t have a huge sample size as I mentioned earlier. 

Time will tell when the spring market fully gets underway and we can pull more months of data as properties get listed and sold, that will give us a better direction on where we think the market is headed for the rest of the year.

Huron County Real Estate Market Update for February 2024

List to Sale Price Ratio

Alright, the average list to sale price ratio was 95.9% in february. This means that properties were selling for 95.9% of list price.  That’s down 1% compared to last month and down 1% compared to last year.  These numbers have been fluctuating up and down for months and remains fairly stable for the most part.

Days on Market

Now you might be wondering how long it’s taking properties to sell?

On average in February in Huron County it was taking 68 days for a property to sell. That is trending down from last month where it took 89 days on average which is a 22% decrease and up 56 days from last year. As we enter into 2024 we are seeing things picking up quicker than anticipated and the average days on market should hopefully keep trending downwards into the spring and summer.

This means sellers can feel a bit more at ease when listing their home as it should hopefully take a little less time to sell and buyers need to be aware that if they see a property they like and especially if it’s well priced that you need to move more quickly.

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 Bank of Canada just announced they are holding their rate. The predictions are that we should see some relief on interest rates in the coming months which should bring more buyers into the market again. The next scheduled date for announcing the overnight rate target is April 10, 2024. I personally don’t see them getting to antsy to drop the rates just yet but time will tell.

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

Alright overall from a high level perspective in February we saw the number of new listings almost double at 48%, compared to last month and also an 11% increase in new listings versus last year. 

In January there was a 32% increase in sales month over month and a 31% increase from January 2022.  It’s also encouraging for sellers that we saw a 36% increase in sales last month from 39 sales in January to 53 in February.

So what does all of this mean for you? 

Sellers, if you’re thinking about going to market this spring, it’s time to get things together.  You should already have some plans in place and if you don’t I want you to reach out for a free, no pressure home evaluation today to get some information that can help you feel more confident in your selling journey this year.  You can find the link with this video.

Buyers, I feel as if many buyers have been sitting on the sidelines and honestly, I can’t fully blame you.  But if you’re in the position where you can buy, then get in the game.  When has it ever been a bad time to own? If we do see interest rates drop, there will be an increase in competition as we have already seen this year.  Does that mean things will go crazy?  I personally can’t see it because I think buyers understand we don’t want to be put in the same 2021 position. But it doesn’t change the fact that more buyers will have their buying power back with a lower rate that may have previously priced them out of the market. 

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.

Huron County Real Estate Market Update for February 2024

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

- MEGAN PROPER

Curious if buying a cottage is right for you? Check out this blog post.

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