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Huron County Real Estate Market Update | March 2024

Huron County Real Estate Market Update for March

 I’m looking for homeowners in Huron County or anyone planning to become one, here’s what went down in March 2024 in the Huron county real estate market.

We saw a 25% increase in new listings and a 10% decrease for days on market along with some other insights that I think are really valuable for both buyers and sellers.

Read until the end to read some helpful tips and some real truths about how the current market could impact your real estate goals whether you’re thinking about buying or selling in this spring market.

Market Overview

Okayy, from a high level perspective, in March there were 5.1 months of supply available in Huron County which still keeps us in a balanced market.

To reflect back on the February market update, we had 4.5 months of inventory available which is a 13% increase month over month, and also a 46% increase year over year.

I have been asked by multiple buyers, when will we see more listings coming to market.  Well, now is the time. Hopefully the snow is gone for good, cross our fingers! April and definitely May are our biggest months in real estate.

So buyers, I can’t stress enough that if you’re interested in  exploring your options of getting into the market or moving up into a new home, yesterday or honestly last month was the right time to start getting your things together.  Later on in this blog I can show you how we can fast track your pre-approval process.

For sellers listening, although we aren’t in a sellers market, there is a great opportunity for you and I want you to listen carefully. I KNOW that if you can properly price your home right from that start, and what I mean by that is price is. Basing your home on real current comparables when you hit the market.  We are seeing multiple offers and houses selling in less than a week. But they are homes that are marketed properly, which is something you can reach out to me anytime to discuss what I mean by that.  But overall, the bottom line is, the property was priced at fair market value and every agent and buyer knew it was a great deal.  Does that mean the seller priced it too cheap?  Heck no, it means that the seller knows that buyers are educated and informed more than ever about what houses are worth and when they see a house that is of value, they come in confident and ready to negotiate a deal good for both parties.

In my sellers handbook and private consultations, I go over what does and DOESN’T affect the price.

Average Price

Alright, coming back to the numbers. The average price for a home in Huron County was $563,115.  As I always say, keeping 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 down 9% vs last month, but it is up 4% vs this time last year.  Our hope is that as we move into the thick of your spring market, we will see this number rise. The single family home category was sitting at $595,534.

Huron County Real Estate Market Update for March

List to Sale Price Ratio

Alright, the average list to sale price ratio was 97% in March. This means that properties were selling for 97% of list price. 

That’s up 1% compared to last month and also up 1% compared to last year.  We’re still continuing to see this number remain stable with minimal fluctuation month to month. 

Days on Market

The average days on market in March has decreased to 61 days.  That is trending down from last month where it took 68 days on average which is a 10% decrease and up 49 days from last year.

So things are definitely starting to pick up. Although a 10% decrease may not seem like a lot on paper. When you are an active seller, 7 days can be a huge amount of time waiting or wasting, especially if your property has been sitting.  So like I mentioned before, if you want to make sure you’re one of those strategic sellers, ready to flood your house with showings right out of the gate and have your property sold quickly. You need to go live on the market with the right price to get your home sold quickly so you can move onto bigger and better things.

Interest Rates

Ok if you’re thinking about buying real estate in the near future, mortgage rates are ranging between 4.99% 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 April 10, 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, I think you know where I’ll be going with my insights as we approach the busy and bulkiest time in real estate.  We will continue to see more listings pop up.  Last month we saw 125 new listings come to market which is a 25% increase month over month and also a 40% increase year over year.  So this spring market is shaping up to look stronger for sellers and buyers as we all feel a bit more educated in what we can expect out in the active market. The biggest volume of listings and sales will be in these upcoming 2-3 months as most people like to move while it’s warmer here along the  Ontario’s west coast and our properties definitely show better during these warm months.  

If the Bank of Canada announces any rate drops on the 10th I definitely think we will see an influx in buyers who come out to play or even come back into active searching. If you’re a buyer and still haven’t been pre-approved, please reach out so I can connect you with someone who can get you the answers you need to move confidently entering this busy time ahead. I do think its a great time to see what’s out there with an influx of inventory to shop within and it’s important now more than ever that you work with a buyer’s agent who can really get to know you, your needs, and who can help coach and navigate you through each local market that your looking searching in. They can help you know when a great deal comes along and educate you on offer strategies that can work to each specific type of house you’re interested in.

Seller’s if you have been pondering moving, It’s time to get answers now.  Especially folks looking to upsize.  If you have a home you believe to be around the $400,000 mark or under and are looking to move up into something bigger around the $600,000 bracket.  What you have to sell is highly desirable to first time home buyers active in that price bracket and you will have less competition moving into your next home.  Of course this is all area and site specific but it’s a great time to explore your options.  You can find the link here for a free home evaluation.

Summary

So at the end of the day all of this general data should be taken with a grain of salt.  I would love to dive deep into 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. 

You can find my email here along with other helpful videos and I’ll be back next month with an updated report.

Huron County Real Estate Market Update for March

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

- MEGAN PROPER

Ready to buy a cottage? NOT before you check out this blog posst

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