Thank-you for visiting this page. We have assembled this information in an effort to keep you informed with the most recent and relevant.
Here is what we saw happening in Niagara in September…a lot of inventory. 1,540 new listings hit the market last month! It is not uncommon to see an uptick of new listings from August to September, but generally not as significant as this. Highest number of new listings for September over the last 10 years. Did number of sales increase accordingly to keep a bit of a balance in the supply demand ratio or tighten it up somewhat? No. Sales actually dipped by a smidge. Price though stayed unaffected by the inventory surge as did days on market. Still just over two months on average to sell a home here in the Region.
The number of months of inventory we had on the market for September was 6. If no new listings were added, it would take about 6 months for all the current listings to get sold. Interesting. We keep urging buyers to get in while the market favours them, but as of yet, we don’t seem to be seeing the results of that, even regardless of the interest rate drops thus far. Are buyers hesitating hoping for further drops? Possibly. When we do see an increase in buyer activity though we will likely see a price increase along with it. Give us a call here at McGarr Realty and we can advise you in respect to timing for a purchase or a sale!
There are a few things for you to know:
Again, we hope you have found this helpful. We will continue to update all of the above as we move through the coming weeks and months.
Your feedback, thoughts or inquiries are always welcome.
You can contact us here.
Most importantly, take good care and be safe.
The McGarr Team.
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