It’s the beginning of the year so lets get into the Huron County Real Estate Market update for January 2024.
If you’re a homeowner in Huron County or planning to become one, stay tuned as I’m going to chat about what happened in the real estate market in January 2023. We saw a refreshing increase in activity which I’m excited to talk about. Make sure you stick around to the end of this blog so that you can better understand what has happened over the last month and how that can impact your opportunities in this upcoming spring market whether you’re thinking about buying or selling.
Alrighttyyyy…January was much busier than I expected! The market really softened when winter approached at the end of 2023 and it got pretty quiet in the day to day market in December. But I’m happy to share that right after Christmas it seemed as buyers came back out to play. In the last four weeks showings are increasing and the market has a little more optimism for sellers, and buyers are gaining a bit more confidence again. My communication with some other agents have seen January as their busiest January even through Covid.
In January there were 4.4 months of supply available in Huron County.
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 where prices are neither rising nor falling, less than 4 months, the more rapidly we would expect prices to rise. More than 6 months of supply means there’s lots of properties available for buyers to choose which can drive prices down. 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 down 10% from last month at 4.9. In December it’s not uncommon to have more inventory sitting while buyers are enjoying the holidays. So it’s nice to see that number decrease moving into the new year where we hope to see the market gain some traction into the spring market. But it won’t be shocking to see the months of inventory start to increase in the next few months as sellers start to list their home for the spring market. I’ll share some other stats later in this video to help pull the whole picture together.
Okay, The average price for a home in Huron County was just over $640,478. If you have been following along with my market trends you are going to know this is a massive jump so stay with me because I want to dive into this a bit deeper. If we look at December 2023’s numbers, this would put us at a 42% increase which is HUGE! We always need to keep in mind this metric includes rural properties and smaller priced condos and that Huron county doesn’t have the largest sample size.
So in saying that, I also think it’s important to note the median home price at $525,000 in January because we saw some drastic changes in average price over the last few months that can inflict fear that is unnecessary to the market we are in, which is never helpful. The median is calculated by ordering all the sale prices in a given month and then selecting the price that is at the midpoint of that list. This metric can be more helpful because it’s less sensitive to big increases in the sale of high or low-end homes, large farms and small condos as I mentioned in a given month which can skew the average price. So if we look at the median home price in December 2023 at $435,000 that puts us at a 21% increase month over month.
Hopefully that can give us a well rounded perspective on how prices are changing for the better but not get us overly excited that prices have increased in that short time period as this can discourage buyers and also mislead sellers into sale price expectations that are not correct.
So , keeping to our normal statistics the average price is up 42% compared to last month and up 8% versus last year.
The single family home category averaged around $688,561.
List to Sale Price Ratio
Alright, the average list to sale price ratio was 97% in January. This means that properties were selling for 97% of list price. That’s up 1% compared to last month and up less than 1% compared to last year.
Sellers can use these metrics to budget when listing their home and creating expectations in their mind when offers start to come in.
Days on Market
Now you might be wondering how long it’s taking properties to sell?
This metric is interesting this month. On average in January in Huron County it was taking 89 days for a property to sell. That is trending way up from last month where it took 52 days on average, and surprisingly slower than last year where it was taking 59 days. I find this metric interesting because the market really seemed to pick up so it makes me think that some of the properties that have been sitting for a while or even since last year have now been put into contract which can change up these numbers.
Time will tell when the spring market gets underway.
Ok if you’re thinking about buying real estate in the near future, mortgage rates are ranging between 5.24% 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. I’m happy to see a bit more stability since the Bank of Canada held its rates again, giving buyers more confidence coming into 2024.
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 January we saw a 25% increase in new listings and our months of supply dropped 10% so that is encouraging to see that we had in influx of inventory but enough sales to still keep the months of supply down. In January there was a 32% increase in sales month over month and a 31% increase from January 2022. This is the MOST encouraging market update I have done in a while. It’s very refreshing to share some valuable insights that can help sellers feel a bit of weight off their shoulders if they are thinking about going to market in 2024.
Again, time will tell if this is market driven or just seasonally driven.
To wrap this Huron County Real Estate Market update for January 2024, whether you’re buying or selling, your situation is always unique and a general market update should be taken with a grain of salt. If you want to know where you stand on 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.