June 2024 Real Estate Market Update: A Balanced Market with Positive Signs
This video by Sarnia Real Estate Agents- Blue Coast Realty provides a comprehensive overview of the Sarnia real estate market in June 2024. Here's a breakdown of the key points covered in the video:
Market Activity: There's been a slight decrease in total sales volume (3.5%) compared to June 2023. However, the market remains robust with steady demand for properties.
Sales Volume: The dollar volume of sales has also dipped slightly (3.5%) to $89 million in June 2024 compared to $94 million in June 2023. This indicates a resilient market despite minor fluctuations.
New Listings: There's been a significant rise (17%) in new listings compared to June 2023. This influx of new inventory is a positive sign for both buyers (more options) and sellers (increased activity).
Active Listings: The number of active listings has also increased, providing a wider selection for potential buyers and fostering a more dynamic market.
Sale-to-New Listing Ratio: This key market indicator sits at a healthy 50%, reflecting a balanced market between buyers and sellers.
Months of Inventory: The current inventory level suggests a balanced market at 4.1 months, ensuring stability for both buyers and sellers.
Prices: The average sales price has seen a slight increase of 2% to $534,000 compared to June 2023. The median price, however, has dipped slightly (3.2%) to $493,000. Despite this minor decrease, the median price remains strong.
Sales-to-List Ratio: Properties are selling close to their asking prices, with a sales-to-list ratio of 97.4%.
Days on Market: The median days on the market is 24.5, which is in line with historical averages.
Overall, the June 2024 Sarnia real estate market appears balanced and healthy. There's a steady demand for properties, and the rise in new listings suggests a positive outlook for both buyers and sellers. The months of inventory level indicates a balanced market, and the sales-to-list ratio shows that properties are being sold at close to asking prices.
