RESIDENTIAL HOUSING STATS FOR JULY 2024
Hi Everyone, Well Summer is now half over and hope that all of you are making the best of it. As I do each month, here is the JULY 2024 STATS for the NIAGARA REGION. Both by Month vs Month (July 2024 vs June 2024) & Year vs Year (July 2023 vs July 2024).
UNIT SALES
In the reports below, you will notice that UNIT SALES (July 2024 vs June 2024) Once again there was a decrease in UNIT SALES by (7.0%) & ( Port Colborne/Wainfleet, West Lincoln, Thorold & Welland ONLY areas that saw increases), however UNIT SALES (July 2024 vs July 2023) there was an (3.6%) DECLINE in UNIT SALES the year prior.
SALE PRICES
You will see that the SALE PRICES (July 2024 vs June 2024) there was a slight decrease in prices by (0.8%), however SALE PRICES (July 2023 vs July 2024) there was another drop (3.3%) DECLINED in SALE PRICES from the prior year.
NEW LISTINGS
You see that the NEW LISTINGS (July 2024 vs June 2024) there was a decrease in listings by (7.9%), not uncommon during the summer for many and NEW LISTINGS (July 2023 vs July 2024) the increase of 5.1% year over year.
With the Bank of Canada's 1/4% cut on July 24th on top of the earlier cut in June of 1/4%, now bringing rate to 4.50%, we have not seen any real change in the market. Many people were hoping for a little deeper cut, and with the US not doing anything as of yet, this may not occur until later in 2024 or 2025.
It appears that many Buyers are still willing to wait until deeper rates cuts & with a good number of mortgages to renew within the next 18 months, many hope the interest rate cuts come much sooner.
With Inventory Levels are 10+ Year Highs in Both Niagara & Hamilton Regions, and Unit Sales continuing to drop MONTH OVER MONTH, it is making it an opportune time heading into the fall for Buyers looking to get into the market or Move up now before rates are cut further.
MONTHS of INVENTORY have increased to 6 months here in NIAGARA , continuing to be a BUYER's MARKET, so great for the BUYERS as there are going to be some deals and opportunities for you.
