September 2024 Real Estate Statistics: Minto, Mapleton, Wellington North
The real estate market stats are in for September. As you can see the Average Sale Price is up slightly in Mapleton and Wellington North and down slightly for Minto compared to August. 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 $621,879 number sold is 19 and the average days on market is approximately 59 which is still low when comparing to Minto and Mapleton.
The months of inventory for each municipality is as follows:
Minto: 7.6 down from 9.0 in August (Buyers Market)
Mapleton: 3.5 up from 3.3 in August (Weak Sellers Market)
Wellington North: 4.5 down from 5.3 in August (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 decreased 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. Link in Bio @kristafisk_realestate
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