Real Estate News

New Tecumseth Monthly Market Update - July, 2022

New Tecumseth Monthly Market Update - July, 2022

▪️ Here is a short summary for July, I’ll let the numbers do most the talking.

▪️Low sales and lots of inventory continue to be the story for the month.

▪️ Prices are down. They are down ~-13.7% from June 2022, but only down ~-0.7% from July 2021!  Try not to compare your homes value to the crazy peak this spring, it’s over and it was extraordinary.  Your home is worth essentially the same that is was last July.

▪️Monthly Sales were way down, -34% vs. June 2022, and down -45% from June 2021.  Active Listings (listings available at the end of the month) were up +9% vs. June 2022 and up +219% vs. June 2021!

▪️Months of Inventory, 5, is an enormous number historically! This means at with the current pace of sales, with no new listings coming out, it would take 5 months for all the available properties to sell.  Above 4.0 is said to be a Balanced market.  Below 4.0 is a Sellers market.

▪️ If you or someone you know, has been considering selling, the market has change significantly.  To be successful in this market people need an experienced, local professional.

▪️ If you’re buying, prices are down and buying is less competitive.  There is much more choice for buyers, single offers on homes, time to consider your options and negotiating opportunities.

▪️I have been tracking and sharing weekly sales statistic on my social media and blog because things are changing so quickly.  Please follow me.

▪️Please call if I can help in any way. I’m here to serve.

Weekly Snapshot- July, 2022

Year- Over- Year- July, 2022

13 Month Update- July, 2022

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Brian Lafazanos
Brian Lafazanos
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