There’s been a change in the market over the last little while. For the first time in a long time we’re seeing both a raise in Sale prices and Active and New Listings. So finally, the inventory is starting to match the demand that we’re seeing from buyers. Buyers are still motivated though as the average price has gone up 10%. Despite the increase in listings, inventory is still down over 40% compared to pre-pandemic. Recent news of interest rate hikes have effected the market, but it’s important to remember, even after these increases, the rate is still lower than pre-pandemic.
In our local communities, we saw these trends continue, a lot more inventory in Midland with a huge 195% increase. We also saw large inventory increases in Tiny, Penetang and Tay throughout May. Prices are still continuing to rise in our area with the biggest in Tay at 36% increase. Tiny’s average price dipped 12% compared to last year but still sits just below the $1m mark for average pricing. There are starting to be more options for all those hungry buyers but prices are still climbing. So May bought good news for buyers and sellers alike.
Trust your local experts to guide you through the process and take advantage of the current market. Ask us about our FREE Home Market Analysis to determine exactly how much your Home is worth in today’s Market.
All data correct as of June 7th, 2022, data gathered by the Ontario Collective based on May 2021 vs May 2022.