Market Statistics: October 2024
Here are the Real Estate Market Stats for Minto, Mapleton and Wellington North for October 2024
The real estate market stats are in for October. As you can see the Average Sale Price is up slightly in Mapleton and down slightly for Minto and Wellington North compared to September. 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.
These numbers are for all residential properties ….attached and detached.
If we adjust for the seasonal land lease property sales in rural Wellington North, the average sale price is actually steady $620,600 number sold is 14, number listed is 22 and the average days on market is approximately 49.
The months of inventory for each municipality is as follows:
Minto: 7.8 up slightly from 7.6 in September (Buyers Market)
Mapleton: 3.7 up from 3.5 in September (Weak Sellers Market)
Wellington North: 4.2 down from 4.5 in September (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, inventory levels have slowly decreased since June in Minto and Wellington North as buyers who have been sitting on the sidelines have started to make their move.
Any questions regarding the real estate market? Shoot me a message. I am always here to answer. Message me here krista@kristafisk.com.
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