August 2024 Real Estate Statistics: Minto, Mapleton, Wellington North
The real estate market stats are in for August. As you can see the Average Sale Price is up slightly in Minto and Wellington North and down for Mapleton. When sales numbers are in the single digits, we have to be cautious when dealing with averages as a single significantly high or low sale price can have a greater effect on the average.
If we adjust for the seasonal land lease property sales in rural Wellington North, the average sale price is actually $640,029, number sold is 17 and the average days on market is 44 which is more in line with the trends for Minto and Mapleton.
The months of inventory for each municipality is as follows:
Minto: 9.0 (Buyers Market)
Mapleton: 3.3 (Weak Sellers Market)
Wellington North: 5.3 (Balanced Market)
Months of Inventory (MOI) is a metric used in real estate to measure the balance between supply and demand in the housing market. It represents the number of months it would take to sell all the current homes on the market, assuming no new listings are added, at the current sales pace.
With interest rates coming down, it will be interesting to see how inventory levels change as buyers who have been sitting on the sidelines eventually make their move.
THINKING ABOUT BUYING OR SELLING IN 2024?
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