New Tecumseth Monthly Market Update - August, 2023

▪️The real estate sales in August are traditionally one of the slowest months of the year.  Average pricing for August 2023, $870k, was lower than the last few months, -9% from July.  But it just below the 13 month average, $885k.

▪️In August there were only 43 properties sold, which is a slight decrease compared to the previous month's 45 properties sold. Its also lower than the 13 month average of 51. Additionally, when compared to the same month last year, there has been another decease in sales, August 2022 = 49.

▪️Months of Inventory for August was interesting and big change from the trend. 4.2 MOI for August was the highest of the year!  The 13 month average equals 3 MOI. 4.2 is a result of the low sales and high number of new listings.

▪️The average days on market (DOM) has also varied over the past year. In the most recent month, the average DOM was a low 21 days, which is a big decrease compared to the previous month's 34 days. And also less than the 13 month average of 29 days.

▪️September will be more telling for actual market strength than August. The interest rate Hold was welcome news for the market.  Hopefully it was enough to entice buyers off the fence.

▪️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 reach out if I can help in any way. I’m here to help!

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Weekly Snapshot- August, 2023