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Huron County Real Estate Market Update | November 2023

huron county real estate market update november 2023

Are you a homeowner in Huron County or interested in becoming one? 

I’ve got the current stats on what happened in the real estate market in Huron County in November 2023.

Make sure you stick around to the end of this video because I have a lot to dissect here so you can understand how this market compares to recent years so that you can take advantage of some hidden opportunities whether you’re thinking about buying or selling

Market Overview

 In November we saw a decrease in activity again but lets really dive into some comparisons for another perspective later in this video.

In November there were 5.6 months of inventory available in Huron County, which technically means were in a balanced market. But realistically we are feeling a strong buyers market out there.

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, less than 4 months means there’s not a lot of inventory available which can drive prices up. More than 6 months of supply means there’s lots of properties available for buyers to choose which can drive prices down.

How is that number trending vs. last month?

Well it’s up from 5.5 months which doesn’t surprise me, as we’re heading into the winter market when more properties tend to sit because majority of the population doesn’t like to move in the cold or when our snow belt hits Huron County. 

If you don’t know what I mean check out some of the Pros and Cons videos I have linked here.

I wouldn’t conclude yet that it means the market is shifting beyond what it normally does this time of year with also factoring in the adjustments buyers have had to make with their budgets from interest rates this year.

In November 2022 there was 2.8 months of supply which is a 100% increase. We will chat about this later in this blog.

Average Price

Okay, The average price for a home in Huron County was $507,938. Keep in mind this metric includes rural properties and smaller priced condos.

This average price is down 8% compared to last month and down 12% verse last year.

The single family home category averaged around $539,144 which is down just over $71,000 compared to last month. 

What’s interesting is, in 2022 if you compare November and December 2022, the average price for a home went up in December about $42,000 so it will be enticing to see if we have any similarities next month when we review the numbers. 

huron county real estate market update november 2023

List to Sale Price Ratio

Alright, the average list to sale price ratio was 97.6% in November. This means that properties were selling for 97.6% of list price.  That’s up 2% compared to last month and also up 2% compared to last year.

These numbers have remained relatively stable since July, with only minimal fluctuation month over month.  So thats a good indication for sellers to budget when listing their home and creating expectations in there mind.  However…. This only rings true if you price your property fairly at the start.  This isnt a market to be overpricing to see what happens.  It will only hinder your listing but also create frustration when it sits on the market.  Thus, stay ahead of the market prices and take into consideration the comparables for your property in relation to the list to sale price ratio.  This will help you price your home properly from the start to gain traction quickly so that you avoid price reductions later on that leave your listing stale.

Days on Market

How long is it taking properties to sell?

On average for November in Huron County it was taking 56 days for a property to sell. That is slightly slower than last month at a 6% increase or 3 days. In 2022 it was taking 49 days in November which is a 14% increase year over year. 

Interest Rates

Ok if you’re thinking about buying real estate in the near future, mortgage rates are ranging between 5.64% 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. Luckily the market isn’t as shell shocked by the rates anymore and active buyers have been adjusting their budgets to continue working through the market. There is still one more announcement on December 6th. We will wait to hear what they decide.  My hopes are that they remain untouched as I think much of the country is feeling some tough times right now.

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

As promised earlier I want to breakdown a few things I mentioned with another viewpoint.

We saw a 41% decrease in sales month over month.  We saw a 33% decrease in activity, if we compare year over year to November 2022.

So lets dive into this so you aren’t completely frightened by these stats.

 In November 2022 we had 185 homes on the market.  Last month in November we had 322 homes for sale.  So when we compare the amount of homes sold in November 2022, there were 51 homes sold and in November 2023 there were 34 homes sold. So that’s only a difference of 17 sales vs having 137 more homes for sale this year.  Stay with me here…. You would think there should have been more homes selling last year around this time because they were in a higher demand sellers market around 2.8 months of inventory which is double what it is now. Remembering that higher months of inventory means it usually drives prices down.

So what I think is that although buyers have much more inventory to pick and choose, the buyers that are shopping are serious and are willing to strike a deal with sellers for the right property.  If you’re a seller you need put your best food forward to price aggressively to get buyers engaged with your listing.

Sellers, make sure you’re laying your cards on the table if you are eager to sell, now is not the time to be playing hardball and making buyers read your mind. 

Buyers, keep your eyes peeled for the right one and take advantage of your shopping options and negotiating terms that protect you while it’s still comfortable to do so.  

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 november 2023

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

- MEGAN PROPER

Check out local activities happening in December around the community. 

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