July 2024 Real Estate Statistics: Minto, Mapleton, Welington North
The real estate market stats are in for July. As you can see the Average Sale Price is down slightly for all 3 Municipalities.
If we adjust for the seasonal land lease property sales in Wellington North, the average sale price is actually $623,766 , number sold is 18 and the average days on market is 37 which is more in line with the trends for Minto and Mapleton.
The months of inventory for each municipality is as follows:
Minto: 8.4 (Buyers Market)
Mapleton: 3.7 (Weak Sellers Market)
Wellington North: 6.4 (Weak Buyers 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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