It has been a long time since buyers had a reason to feel optimistic.
Suddenly, though, there are signs that the real estate market may finally be turning in their favour, even if it’s just ever so slightly. This is due to a few different factors.
“With a slight increase in inventory and interest rates on the rise, we may begin to see some relief for buyers who are looking to move,” says REALTOR® Nick FitzGibbon.
Sellers, however, needn’t worry. “As we can see in the stats, the year-to-date numbers are still showing a strong appreciation through the detached home and townhome markets of Elora and Fergus,” he says.
The average sales price of a single-family home in Fergus was $1,121,048 (+ 34.3%) in April. For a townhouse or condo, it was $742,292 (+ 28.5%).
In Elora/Salem, the average sales price of a single-family home was $1,420,857 (up an astounding 57.3%) and for a townhouse or condo it was $851,400 (+18.3%). These increases have been marked since April of 2021—merely a year ago.
More homes finally coming onto the market—though the increase was modest—was definitely a welcoming sign. Supply doubled in Fergus year-over-year, though in Elora/Salem the increase in the inventory of single-family homes was two-thirds of that seen in Fergus. The availability of townhomes and condos in Elora/Salem last month fell dramatically from this time one year ago.
Make no mistake, housing prices are still rising steadily year over year. The trends for both Fergus and Elora/Salem follow along in lockstep with those of the entire MLS.
Another interesting statistic to look at is the Days on Market Until Sale. This figure is down slightly in Fergus (down 1 day), with a bit more of a drop for single-family homes in Elora/Salem (from 10 days to 7). The one exception is for townhouses and condos in Elora/Salem, where that number has increased from 4 to 7.
Says the agent, “It will be very interesting to see how this next month rolls out in terms of ‘Days on Market’ and where the inventory stands as we push through this Spring real estate market.”