Average Sale Price: $707,720
Number of Homes Sold: 70
Number of Days on Market: 18
The Housing Market has shifted!!! In the month of June, there were double the houses listed for sale than in June 2021. Norfolk County had 279 new Residential freehold homes (this is not including Condos, townhouses).
Out of 279 listings only 70 have sold, so 209 homes are still on the market – which is creating Sellers to reduce the price of their home.
Bidding wars are just about over. Buyers are coming in with Conditions – Financing & Home Inspection and sometimes they need to Sell their Property too. Mortgage rates saw an increase last month and the Bank of Canada will be increasing the mortgage rates again on July 13, 2022. With mortgage rates rising higher the Buyer’s Dollar is reducing.
Pricing – I have been comparing home prices from the previous year – but the last couple of months has been showing a decrease in average prices.
Example – Norfolk County Average price in May was $764,267 and in June $707,720 -this is homes being sold at list price or slightly below and without bidding wars.
⚠️Disclaimer: This information provided herein is deemed accurate but not guaranteed. Source: Simcoe & District Real Estate Board, ITSO MLS SYSTEM