Hi Everyone, We hope everyone is enjoying their summer so far. We wanted to update you with the JUNE 2024 STATS for the NIAGARA REGION. Both by Month vs Month (May 2024 vs June 2024) & Year vs Year (June 2023 vs June 2024).
UNIT SALES
In the reports below, you will notice that UNIT SALES (May 2024 vs June 2024) there was a decrease in UNIT SALES by (10.1%) & ( Port Colborne/Wainfleet, Lincoln ONLY areas that saw increases), however UNIT SALES (May 2024 vs May 2023) there was an (11.2%) DECLINE in UNIT SALES the year prior.
SALE PRICES
You will see that the SALE PRICES (May 2024 vs June 2024) there was a slight decrease in prices by (0.3%), however SALE PRICES (June 2023 vs June 2024) there was a (2.5%) DECLINED in SALE PRICES from the prior year.
NEW LISTINGS
You see that the NEW LISTINGS (May 2024 vs June 2024) there was a decrease in listings by (6.9%), mainly due to SELLER FATIGUE for many and NEW LISTINGS (June 2023 vs June 2024) the increase of 4.1% year over year.
With the Bank of Canada set to meet on July 24th and the recent cut in the rate a 1/4% to 4.75, which honestly did nothing for the market, we are all hoping they do something a little larger when they meet. I personally do not see another 1/4% cut being enough to get the Buyers off the sidelines.
It appears that many Buyers are still willing to wait until deeper rates cuts occur and prices start to come down further, which could happen if the last 2 yrs are any indication heading into the 2nd half of the year. You are seeing levels of Inventory at levels not seen in almost 15yrs or longer and continued fewer sales each of the last 3 months and MONTHS of INVENTORY still at 5 months here in NIAGARA , which is which is now a BUYER's MARKET, so great for the BUYERS as there are going to be some deals and opportunities for you. However, do not wait too long on further INTEREST RATES cuts as when they do you will see a shift again..
