Big changes are showing up for Thorold home buyers and sellers as prices are going down this summer, but the number of listings continue to go up.
Thorold housing trends are showing many changes and raising a lot of questions: Are Thorold home sales up or down? Is now a good time to buy? How are mortgage rates affecting buying?
How do you handle all the changes in Thorold if you’re planning to buy or sell real estate?
We checked in for some insights from Crystal Simons VP of Sales on The Fine Estate Team, Revel Realty. The Thorold Market Update for June 2022 submitted by Crystal gives us a snapshot of activity for single-family homes.
In Thorold, the average days it took to sell a single-family home in June 2022 was 26 days,
up 62.5 percent compared to June 2021.
For single family homes in Thorold the MLS stats for June 2022 show:
- 19 Sales in Thorold, down 45.7% compared to June 2021.
- 70 Listings in Thorold, up 45.8 % compared to June 2021.
- $725,311 Average sale price in Thorold, up 9.3 percent compared to June 2021.
However, on a month-to-month basis we are seeing a drop-in single-family homes in Thorold for the 2022 period after interest rates increased and federal government regulations were imposed to restrict foreign investors to buy real estate in Canada. For instance, the average sale price of a single-family home in Thorold in January 2022 was $879,000 in the MLS statistics report. In June 2022 at $725,311 for the price of a single-family home in Thorold, we see a drop of 19.4% or $153,689.
What are we seeing with Sellers?
There is no doubt we have seen a change in the outcomes for all sellers in the past 30-60 days. The biggest change is the ‘Days On Market’. The DOM’s are increasing, it’s taking longer to sell homes and it may not be the price. Our sellers have been reasonable with their pricing, and we have amazing clients that take our advice when listing to effectively set them up for success. However, what we are seeing for our clients is that the majority are not selling because of price but because of the overall lack of buyers.
Crystal Simons VP of Sales on The Fine Estate Team, Revel Realty.
Across the Region, we see the broader picture of residential home sales activity recorded through the MLS® system for The Niagara Association of REALTORS® (NAR) totaled 483 units in June 2022, compared to 890 units in June 2021. This residential home sales category reflects activity on single family homes, condominiums, townhouses, etc.
What does this mean if you are looking to buy?
If you are looking to buy a home, this is the best time to purchase in the past 24 months. The competition is almost non-existent which allows buyers to choose their home more carefully, take their time and even make an offer with conditions.
Crystal Simons VP of Sales on The Fine Estate Team, Revel Realty.
Overall, the trend shown in the past few months continues with a decline in the residential real estate market. On a month-to-month basis, we see that the number of properties listed continues to increase, while the number of homes sold continues to decline and home prices continue to drop in Thorold.
How low will prices fall for homes in Thorold? Stay tuned as we will monitor the market and produce a monthly update in August.