Last month, 39 homes were sold in the Elora Fergus area. That’s a significant increase; compared to the month before, the number is up 34.5%, and compared against August 2022, it’s up a whopping 52%.
That said, the average sale price for homes in the area fell slightly to $787,805. This is down 10.1% from the previous month and 2.3% from a year ago, in August 2022.
Per housing type, the average sale price breaks down as follows:
- For single-family homes it was $939,883, down 2.2% from July but up 7.4% from August 2022
- For townhouses and row units it was $719,315, up 9% from July and up 2.4% from August 2022
- For apartment units it was $622,000, down 5.5% from July and down 17% from August 2022
The average number of days it took for a home in the area to sell was 29; that’s three more days than it took in July but 4 days less than it took this time last year.
The summer months are typically busier, of course, with families hoping to relocate and ideally settle into their new homes before the start of a new school year. Many students are on the move in late August and some families decide to downsize once their older kids have left the nest.
There are now 3 months’ worth of inventory in the residential real estate market.
There were 80 new listings in the month of August, up 14.3% from July and 73.91% from the year prior. The sale price to list price ratio this month was 98.8%.
On September 6, 2023, the Bank of Canada held its target for the overnight rate at 5%. It is continuing its policy of quantitative tightening. While inflation in advanced economies has continued to come down, measures of core inflation are still elevated and are being monitored.
Explore listings and find more information on sold data by visiting listings.cbn.on.ca.
If you have plans to buy or sell, or simply wish to talk to an expert, visit the Coldwell Banker Neumann Real Estate Brokerage online at cbn.on.ca or call 519-821-3600. You can also follow them on Instagram and Facebook.