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Huron County Real Estate Market Update | May 2024

Huron County Real Estate Market Update for May

Do you live in or near Huron County or are you interested in relocating here?

Here’s what happened in May 2024 in the Huron county real estate market.

We saw a huge influx in inventory last month that has set a record high in almost 8 years. The Bank of Canada’s decision to delay rate decreases have cooled the mood leading into the spring market when most buyers and sellers expected cuts would have started already.

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 2024.

Months Of Supply

Okayy, in May we saw some crazy crazy increases in our month of inventory numbers. 

We have now hit an all time high of 7.4 months of inventory in May which sets the record of the highest amount of inventory we have seen since June 2016 where they had 7.8 months of inventory. 

To refresh your memory that does keep us in a strong buyers market with over 6 plus months of inventory. With a balanced market sitting around 4-6 months and under 4 months of inventory would be categorized as a sellers market.

Lots of properties went to market last month which increased our supply by 21% month over month and a whooping 72% year over year.

Could this influx be people trying to sell their secondary properties prior to the capital gains increase taking effect at the end of the month? Maybe so.

So I’m telling you buyers, if you have been waiting for a large selection to shop within, we have met those terms.  I’m interested to see where the summer months move these numbers because many people start to get into summer vacation modes within the next month.

Huron County Real Estate Market Update for May

Average Price

The average price for a home in Huron County was $502,138. 

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 down 18% vs last month, and down 16% vs this time last year.  

List to Sale Price Ratio

Alright, the average list to sale price ratio was 97.3% in May.

This means that properties were selling for 97.3% of list price.  In comparison to last month and last year we are less than a 1% increase from 97.7%.

Days on Market

The average days on market in may has happily decreased to 50 days.

That is trending down from last month where it took 68 days on average which is a 26% decrease but still up 22% compared to last year.

As its always nice to give sellers the intel that the days on market for their home is decreasing.  It could also be telling us that sellers are being more aggressive in pricing correctly at fair market value or reducing the list price to reflect their real life comparables as they get updated.

Interest Rates

Okay, if you’re thinking about buying real estate in the near future, mortgage rates are ranging between 4.75% to 6.25% 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.

Thankfully the Bank of Canada reduced its policy rate by 25 basis points. This is the first Bank of Canada rate cut since March 2020. 

 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

May was interesting because typically it’s one of the busiest months of the year in real estate.

Sales were down about 9% in comparison to April 2024. Year over year in May we have a 37% decrease in sales from 101 sold homes to 64 last month. 

I do think that home buyers were hoping they would see a decline in interest rates sooner to lower their mortgage payments and make purchasing a home a little bit more manageable. Sellers, on the other hand, were hoping rate cuts would help drive up the value of their homes as that buyer demand returned to the spring market.

Thankfully as I mentioned before, the Bank of Canada did reduce by 25 basis points today on June 5th 2024.  Although I don’t see this change being enough to drastically change the market. I do think it’s a step in the right direction for future buyers to feel optimistic about, which is a win in itself.

Overall we are seeing things priced to move but it does slow down over $500,000, but the lower priced properties are still quite competitive.

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. 

You can find my contact info HERE or find other helpful blogs HERE

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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