Last month, there were 6.4% more homes sold in Elora Fergus than there were the month prior. These homes spent an average of six days less on the market than they did in March, and they sold for 7.8% more. A total of 50 homes were sold in April.
These are all good indications that the market is rebounding and performing how we’ve come to expect it will during Spring.
The average sale price across all housing categories was $868,592 in April, up 7.8% from the previous month.
For single-family homes in Centre Wellington the average sale price was $919,515. For townhouses and row units it was $758,750 and for apartments and condos that number was $796,250. The average sale price in all three categories increased month-over-month, with apartments seeing the biggest increase by far. Single-family homes were up 6.9%, townhouses and row units were up 12.4%, and apartments and condos were up a whopping 32.6%.
Supply and demand now sits at 2 months of inventory. This is the number of months it would take to sell current inventories at the current rate of sales activity. When this stat falls between 2 and 4, the market is generally considered to be balanced.
That said, the number of actual listings in Elora Fergus was down in April, at just 67. This represents a 10.7% drop since March and a 31.6% decrease from April of 2022. Fewer homes may be being listed, but the ones that are, are selling for more.
On April 12th, the Bank of Canada announced that it was holding the overnight rate at 4.5%. Inflation in many countries around the world seems to be easing, lower energy prices are being seen and global supply chains are normalizing. Housing market activity remains subdued, noted the BOC. The next scheduled date to announce the overnight target rate is June 7, 2023.
For more insight and information, visit the Coldwell Banker Neumann Real Estate Brokerage online at cbn.on.ca or reach them by phone at 519-821-3600.