New Tecumseth Monthly Market Update - October, 2023

▪️ We are in a Buyers Market. The real estate sales in the early fall traditionally increases after slower late summer sales.  Unfortunately, this October did not see the anticipated traditional increase, largely due to the cost of interest rates.  Average pricing for October 2023, $878k, was lower than the last few months, and lower than the 13 month average or $890k.

▪️In October there were 38 properties Sold, which is a significant decrease compared to the 13 month average of 49.  Additionally, when compared to the most active month of 2023, May with 82 Sales, October was less than half of that.  October 2022 Sales were 50.

▪️Months of Inventory for October was high again.  Now 5.1 MOI, the second highest of the last 13 months.  Also, higher than October 2022, 3 MOI.  Higher too than the 13 month average of 3.3 MOI.  This is a result of the low sales and high number of active listings.

▪️The average Days on Market (DOM) has varied over the past year. In October, the average DOM was up to 31 days.  And October was higher than the 13 month average of 28 days.

▪️ October was another slow month for real estate sales.  There are many Sellers who want to sell, but the high borrowing costs and market uncertainty is keeping the buyers out of the market.  Future interest rate Holds will be welcome news for the market and hopefully it will entice buyers off the fence.

▪️There are great opportunities to buy right now because of the lower prices and many homes for sale.

▪️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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