New Tecumseth Monthly Market Update - July, 2024

  In July 2024, 46 homes were sold, three more than June.  Active Listings dropped by 6 to 235, while New Listings saw a decrease to -20.9% to to 117 from 148. This is to be expected in for July, as Sellers take holidays and avoid selling in the slower summer months.

Pricing Trends:  The average price for all home types stands at $959,709, an increase of 7.45% from June. Detached homes averaged $1,011,494, increase by 3.08% from June. Townhouses stayed very close to last months average price of $769,975, down by 0.1%.

Market Dynamics: Homes in New Tecumseth took an average of 30 days to sell, up four days from June.  The market had a decrease in months of inventory to 5.1 in July from 7.2 in June, still a buyers market with lots of homes for buyers to choose from. But a lower measure because of the significant decrease in New Listings. Most say over 4 MOI is a buyers market.

Interesting Observations: ?? Year-over-year, July ’23 vs July ’24, saw basically the same number of sold properties and average sold price.  Almost unchanged from last year.

Conclusion: ‍ Is it a good time to Buy? Yes, prices now are the same as last year but likely increasing in the coming months as interest rates decrease, and there are many homes for sale right now to choose from.   Is it a good time to Sell?  Maybe. Prices are currently off their lows of the year, but there are many other homes for sale now too.  Newer or updated homes that are priced well sell the best in this market.  Older homes that “need work” are harder to sell right now.

We watch the local market very closely.  Please reach out any time with any questions.  We’re here to help.

Weekly Snapshot- July, 2024