The real estate market in New Tecumseth for May 2024 presents a dynamic and active scenario with significant movements in sales, listings, and pricing. Despite a decrease in the number of homes sold, the market shows resilience with an increase in active and new listings, indicating strong seller confidence.

Sales and Listings:

• In May 2024, 53 homes were sold, reflecting a decrease of 23.1%. This reduction might be influenced by current market adjustments and higher interest rates.
• Active listings rose by 23.2% to 207, while new listings saw a 20.6% increase to 158. This suggests more sellers are entering the market, now we just need the buyers to start buying!

Pricing Trends:

• The average price for all home types stands at $864,252, a decline of 3.96% from last month. Detached homes averaged $927,092, down by 8.01%, possibly due to a higher number of lower-priced detached homes being sold and expensive homes not selling.
• Townhouses showed strength with an average price of $774,721, up by 2.66%, indicating a robust demand in this segment.

Market Dynamics:

• Homes in New Tecumseth took an average of 28 days to sell, consistent with the previous month, indicating stable demand.
• The market has 3.9 months of inventory, suggesting a balanced market but leaning towards a buyer’s market. Some say over 4 MOI is a buyers market.

Interesting Observations:

• Year-over-year, the number of sold properties decreased by 35%, and the average sold price dropped by 10%. The days on market increased by 40%, reflecting longer selling times.

Conclusion:

• Is it a good time to buy? Yes, especially before the anticipated interest rate cuts in July, which could lead to increased prices. Buyers can benefit from the current lower prices and the relatively high inventory.
• Is it a good time to sell? Yes, with the market showing strong activity and prices expected to rise in the second half of the year, it remains a favorable time for sellers. Well-maintained homes, especially those under $800,000, are in high demand and selling quickly.

Weekly Snapshot- May, 2024

Monthly Report - May,2024

Listing Chart - May,2024