Summer in our region is spectacular, and there is no better way to enjoy it than living right along the waterfront. Downsizing to a waterfront condo or townhouse along the Bay of Quinte offers a
August 2024 Market Update
Dated: September 7 2024
Views: 69
📢 August 2024 Market Update 📢
Here's what happened in August 2024. Average sale price has increased in most markets and homes are selling for closer to their asking price. Keep in mind, big increases or decreases from month to month on average sale prices can be skewed by one or more unusually high or low sale prices. Days on market have increased which is typical for the summer market but the number of properties on the market that actually sold is higher. Properties that are priced accurately are selling fairly quickly.
The most recent Bank of Canada announcement on September 3rd saw another 0.25% decrease in the overnight rate. This is the 3rd decrease since June 2024. Many buyers are still sitting on the sidelines waiting for rate decreases but they should keep in mind that many buyers re-entering the market at the same time will mean more competition/demand and prices are likely to increase. There are many great homes on the market to choose from and savvy buyers should consider making a move before the market really heats up.
The next announcement will be October 23rd, 2024 there is hope for further reductions which should make for a strong 4th quarter.
Have questions or don’t see stats for your area, reach out we’d be happy to get them for you.
Julie Martin
I have a passion for helping people reach their real estate goals. Whether that be buying your first home, moving up to your next home, downsizing, buying an investment property or building a new home....
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