As the leaves fall from the trees, so do home prices across our region, down 11% from this time last year. We saw a large decrease in sales activity where October sales were down 28% compared to 2021. For a few months in a row now, active listings continued to surge, across our communities we saw 145% rise in active listings. There’s lots of opportunities for Buyers right now but don’t forget that seller’s are still getting top dollar for their properties. Although prices are down, it’s important to remember that, year to date, the average sale price is up 9.4% compared to this point last year.
In our local communities, we saw the active listing trends continue, a lot more inventory in Midland with a huge 195% increase and in Tiny with a 150% increase. We also saw large inventory increases in Penetang and Tay throughout October. Prices stayed very consistant compared to last year with very minimal increases and decreases. Whilst house prices still look very attractive to sellers, there are many opportunities for buyers too giving us an interesting market heading into the winter months.
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 November 4th, 2022, data gathered by the Ontario Collective based on October 2021 vs October 2022.
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