A Dry July (For Grass and Real Estate)
July has come and gone and the real estate market seems to have dried up, much like our grass over the last month or so.
While inventory is up slightly, sales are generally down creating a further shift toward a more Buyer focused market (more than 4 months of inventory).
Specifics according to area are further elaborated below.
Belleville
Belleville is one of the few locations that remained relatively consistent month over month. Months of inventory, number of active listings, number of sales are all almost exactly the same for the month of July.
Brighton
Brighton saw one of the biggest drop in sales for July and the biggest shift in months of inventory. Brighton went from 5.46 months of inventory in June to 7.64 months of inventory in July, which is a 39% increase towards a more Buyer focused market. Active listings remained about the same, but the number of sales dropped 30%, accounting for the shift in months of inventory. We also saw a 100K drop in average sale price for the month of July versus June. That said, one month is not a good indicator of a change, rather there could have just been less expensive homes selling this month.
Prince Edward County
In P.E.C the months of inventory improved slightly from 8.81 months to 8.27 months but it is still showing a strong Buyer's market with monthly sales and new listings up only slightly compared to June. Of interest, some higher priced sales (likely waterfront) brought the monthly average sale price and the yearly average sale price up in value. Overall, P.E.C remained relatively consistent for the time of the year.
REMINDER: Get 20% off Margherita pizza OR 50% off Peroni tall can beer when you mention Team Ballas at TerraCello! Simple as that!
Quinte West
Quinte West saw a considerable shift in the months of inventory from a somewhat balanced 3.47 months to a more Buyer focused 4.52 months. Sales for the month of July dropped almost 22% month over month, yet the average sale price for the month of July was up almost 80K, again likely due to a couple of higher priced home sales. Average sale price for the year remains in the 570K range. Drop in sales likely due to the slower summer season and Military postings into Trenton being pretty much done for the year.
Stirling
The month of July only saw 4 sales in the Stirling area, which is down 1 sale compared to June but new listings went up 26% pushing the months of inventory deep into Buyer market territory at 8.5 months. That said, average sale price stayed relatively constant, down slightly to 563K for the year, which is similar to the average sale price in Quinte West.
Thinking of buying? Now might be your moment. Thinking of selling? Let’s chat before your lawn isn’t the only thing feeling dry.
