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We are already now in the wonderful Summer season are and seeing only a slight slowdown in listing activity. May had the most inventory come onto the market for the Niagara Region of ANY month over at least the last 12 years and June proved to be similar with 1,561 new listings. Still a lot of properties going up for sale. Can we attribute that to the effect of the interest rates not having come down much yet and homeowners feeling the pinch? Or the anticipation of buyers coming out of hesitation? Well, if the latter, we still are not seeing that coming to fruition. 575 sales for June in the Niagara Region, down from May, which is seasonably typical, but also the second lowest number of sales for June over the last twelve years, just slightly above June of 2022. We still have high inventory, with a low number of sales.
Average sale price was not up significantly from May, but up nonetheless, from $711,617 to $722,314, an increase of 1.5%, which aligns with a slightly higher sales to listing ratio for June. In June of 2023, average sale price in the Region was $738,966, where we did have a similar number of new listings, but a higher number of sales occurred.
Average days on market for June were 63, a twelve year high for June. Same number of days we were experiencing in April of this year and 18 more than June of 2023.
What might we see trending forward? Well generally we see a little bit of a slow down at this time of year, but again, there will be another interest rate announcement on July 24th and given the downward trend in inflation, who knows? There are conflicting predictions in respect to whether the rates will decrease again this soon. If they do, we may see an unexpected pick up due to consumer confidence in the future affordability of a home purchase. We will have to wait and see what is on the horizon! One of the most exciting parts of working in the industry is watching how the market behaves in response to all that is occurring around us.
Have a beautiful start to your Summer and remember THINK PINK! If you have any questions at all about listing, buying, selling or investing, we are happy to help!
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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