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May 2024 Market Report For Our Communities

May was a strong month as we begin to see the Spring Market transition into the Summer Market. Across the region we see that active listings are up 39% and the median price is up 5% from last year. New Listings are also up 10% and the list to sale ratio is sitting at a very strong 98%. Good news for buyers and sellers alike!

In Midland and Penetang we saw Average Price increases with a large incease of 10% in Penetang! We saw large increases across the board for active listings in our community, even seeing a 59% increase in Midland. As we move towards the end of the Spring Market, we did see a slow down in sales activity. This was expected as many buyers were eagerly awaiting the first rate reduction in 4 years. With plenty of inventory and now more purchasing power for buyers, we expect to see a busy Summer Market.

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‚Äôs Market.

All data correct as of June 29th, 2024, data gathered by the Ontario Collective based on May 2023 vs May 2024.

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