Whether you’re a potential homebuyer or a homeowner looking to sell, we’re simplifying these stats to help you understand what they mean for you. So, let’s get started:
The Overall Market
In June, we saw an increase in homes sold compared to the same time last year. This is the first time we’ve seen this kind of increase in 2023, which is a positive sign. It means the market is picking up, and things are starting to move again. For sellers, this is great news as it indicates that buyers are active and properties are selling.
Types of Homes Sold
We saw a rise in sales of detached homes and condominiums. This suggests that these types of properties are currently in demand. If you’re a buyer, it’s worth noting that these properties might be more competitive to secure. Sellers, on the other hand, can take this as a positive sign if they’re selling a detached home or a condo.
Average Sale Prices
The average sale price for detached homes has increased compared to last year. This means that sellers of detached homes are likely to get a better return on their properties. On the other hand, the average sale prices for condominiums and semi-detached homes have decreased. This could be a potential opportunity for buyers looking for these types of properties, as they might get a better deal.
New Listings and Selling Time
There were fewer homes listed in June compared to the same time last year. This means there’s less competition for sellers, and properties are likely to sell quicker. For buyers, this means you might need to make decisions faster due to the competitive market.
The average time it takes to sell a home has slightly increased compared to last year. However, it’s still lower than the average over the past five years. This means the market is moving at a brisk pace, and both buyers and sellers need to be ready to act quickly.
Remember, while these numbers provide a general overview of the market, every situation is unique. For personalized advice and assistance, don’t hesitate to reach out to our team. At Rego Realty, our commitment is to provide exceptional service, honest guidance, and expert knowledge to ensure that you make the best real estate decisions. Your satisfaction and success are our top priorities. We’re here to help you navigate the market, whether you’re buying, selling, investing or leasing..
Contact us today and let us help you achieve your real estate goals.