The spring real estate market in Kawartha Lakes in now behind us, with a shifting market that is trending more buyer friendly.
There has been an influx in new listings and overall supply across the board inching us closer to a more balanced market. Supply is still on the lower end, meaning we would need approximately 5-7 months of inventory to officially enter a balanced market and 8 months plus to enter a buyers market.
When we look at non-waterfront single family detached properties, you can see the market is still strong compared to June of 2021, up 9.5% at an average selling price of $689,316. However, looking month over month, the market is trending down 4.1% from May when the average home was selling for $718,230.Supply has nearly doubled compared to June 2021 when we only had 1.4 months of inventory, now sitting at 2.3 months. This is still considered a sellers market, but a stark contrast from our low of 0.3 months in January 2022.
The average property sold at 101.9% of list price. This is a 3.2% decrease month over month and a 7.5% decrease year over year. It is also a 21.2% decrease from our peak set back in February 2022 when we were averaging 123% of list price.
Days on market (DOM) averaged 17 days. DOM is the number of days it takes for a property to be sold firm, or without conditions.
*Data subject to minor changes as data clean up is completed by ITSO. Property of InfoSparks © ShowingTime.
When we move over to waterfront properties, we see a sharp decrease month over month, leaving the million dollar average from $1,108,212 to $928,915. The market remains strong year over year, up 2.6% compared to June 2021.Supply has skyrocketed compared to June 2021 when we only had 1.6 months of inventory, now sitting at 3.9 months. This is still considered a sellers market, but a stark contrast from our low of 0.5 months in January 2022.
The average property sold at 99.9% of list price. This is a 6.9% decrease month over month and a 7.6% decrease year over year. It is also a 20.9% decrease from our peak set back in February 2022 when we were averaging 120.8% of list price.
Days on market (DOM) averaged 18 days, trending up from our March 2022 low at 9 days on market. DOM is the number of days it takes for a property to be sold firm, or without conditions.
*Data subject to minor changes as data clean up is completed by ITSO. Property of InfoSparks © ShowingTime.
Buyers can still expect to be in multiple offers in some situations and price ranges. Homes with offer dates and strategically low list prices are becoming less common in this market place. An experienced local agent will be able to share their expertise and market analysis with you so you can make an educated decision.
Get Prepared
Have your mortgage pre-approval ready prior to viewing homes. Understand your interest rate and connect with a knowledgeable mortgage agent or broker to better understand your options in this era of rising rates.
If you are selling a home and want to submit an offer conditional on the sale of your current home, make sure it is ready to list. Sellers are becoming more accepting of conditional offers so it is very important to show your level of commitment if you decide to make an offer with a condition of sale.
If you are interested in seeing values for an area not shown or a specific type of property, please contact me for a personalized report. I’m also always available for a conversation about the stats shown in this post!
