Sales and Listings: In June 2024, 43 homes were sold, reflecting a decrease of -18.8% from May. This reduction might be influenced by current market adjustments and higher interest rates.  Active listings rose by 16.4% to 241, while new listings saw a decrease to -6.32% to 148. 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 $892,379, an increase of 3.25% from last month. Detached homes averaged $981,176, increase by 5.83% from May. Townhouses decreased with an average price of $769,200, by +0.71%.

Market Dynamics: Homes in New Tecumseth took an average of 26 days to sell, close to 28 of the previous month.  The market has a high 7.2 months of inventory, suggesting a buyers market with lots of homes for buyers to choose from. Most say over 4 MOI is a buyers market.

Interesting Observations: Year-over-year, June ’23 vs June ’24, the number of sold properties decreased by 41%, and the average sold price dropped by -7%.

Weekly Snapshot- June, 2024