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Huron County Real Estate Market Update | June 2024

huron county real estate market update june 2024

 If you have had your eye on the real estate market and are considering moving near Lake Huron in the area surrounding Huron County then I have the latest news on what happened in June in the housing market. At the end I dive deeper into how the real market is playing out and how that is affecting buyers and sellers making offers on properties, even in multiples. 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.

Market Overview

Our buyers market continues strong with 7.5 months of supply available on the market.

For anyone new to my monthly market updates the months of inventory gives us indications into how competitive the market is in real time today, and the direction it’s moving in also gives us some clues into where the market may be heading. 7.5 months of supply keeps us in a strong buyers market.

We only saw a 1% increase in inventory compared to last month which isn’t a huge shock considering the hot weather Ontario brings in the summer and many people starting to enjoy summer vacations.

There was a 56% increase in MOI year over year.  If we look at 2023 inventory levels they started at 2.5 MOI in January, fluctuate up to 5.6 but averaged around 4-5 months of inventory overall throughout the year.  So, in comparison we started at 4.4 months of inventory in January 2024 and are now at an all time high of 7.5, making every month this year with significantly higher levels.  Maybe a combination of relocation, capital gains sales and overall uncertainty of the interest rates buyers have been feeling out this year.

A positive note for buyers who are looking to shop around and have greater negotiation power.

Average Price

The average price for a home in Huron County was $632,389. 

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 which i do believe we are seeing this month.

Ill go into more detail on my opinion and metrics at the end of this video.

The average price is up 26% vs last month, and down 2% vs this time last year.  

List to Sale Price Ratio

huron county real estate market update june 2024

The average list to sale price ratio was 96.7% in June. This means that properties were selling for 96.7% of list price. 

In comparison to last month we are down 1% and 3% compared to last year. 

Days on Market

The average days on market in June was 49 days.  Only one day less than May. Trending down from last month 2% and still up 36% compared to last year. 

Interest Rates

Ok if you’re thinking about buying real estate in the near future, mortgage rates are ranging between 4.84% to 6.95% 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 do think predictions were made that the 25 basis points that were recently reduced would spark the market back up but I haven’t personally seen it change in our area, nor did I think it would create a dramatic shift.  I truly think buyers are so educated now and if they are not, they are reaching out and finding someone who can help give them the confidence they need to navigate into the buying process.  We will see what happens with the Bank of Canada throughout the year for any changes.

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, please reach out anytime to me to help you know how to get started with your pre-approval and how the beginning of your real estate journey should look.

Market Trends Insight

 Okay, let’s get into some nitty gritty details on the market.

Although we saw a significant increase in the average home price I do feel as if this metric is a bit skewed that has raised this number. 

If I look at the data in comparison to the last few months. In June we saw more homes over $600k sell vs homes under $400k. Which will raise that average price since our sample size is so small. 

In that same conversation, we have been seeing strong action on first time home buyer prices around $400,000.  Some houses holding offers or others going into multiples naturally without an official offer date. 

If you’re wondering, an offer date is when the seller decides to hold any offers until a specific date and time. They will then review any offers received at the same time.  A tactic we saw during the pandemic levels that was used to entice bidding wars.

But I have been discussing with my own buyers to not worry as much when they see an offer date because in our market right now it doesn’t necessarily mean you need to offer more or remove conditions. 

Some properties they think will get multiples, surprisingly many only get 1 or no offers or they may not be full offer prices and still have all the buyers protection conditions inserted.

With around 425 homes for sale in Huron County.  It’s really property situational and important for sellers to understand the market each week to know what the best possible outcomes and offer expectations. Some properties we have seen priced to sell and did get multiple offers and a few thousand dollars over asking.  It’s really a position that a good realtor can put you in with a strong marketing plan but it’s sometimes hard for sellers to confidently price their home lower than what they think the comparables are.  It’s a market where you need to be proactive and know what has happened around you and also what we are seeing the market trend towards. 

With growing market inventory, you need to make sure your property stands out and is priced according to the market.  A simple $10,000 can overpriced can leave a lot of buyers from seeing your listing in its true potential.

Sellers, I’m not saying it’s a bad time to sell but it’s definitely a strategic time to make sure your listing stands out among your competitors, which can be done!

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 june 2024

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

- MEGAN PROPER

Did someone say firefighter’s breakfast? Check out this blog post.

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