The month of October is now upon us and the change of season brings some amazing fall colours, the arrival of hockey season and typically, a pretty strong real estate market!
We led into the Labour Day weekend with some pretty strong activity, followed by a lull for a period of time as families are adjusting to new routines, school, etc. We do normally see the market surge through late September and October – something we have yet to see.
The market seems to be going through a bit of a shift again. With current rates, plenty of negative media and speculation around yet another rate hike in October, we are seeing more inventory hit the market now, than we have seen in years. At the same time Buyer pressure seems to be stalling a bit. This is clear when we look at some interesting market stats.
CURRENT RATES (from Mike Fox Champion Mortgage firstname.lastname@example.org)
For fixed rates:
1) Insured/Insurable: 5.74%
2) 30-year: 6.24%
1) Insured/Insurable: 6.30%
2) 30-year: 6.95%
Total # of Active Listings in Centre Wellington in April 2023 was 106.
Total # of Active Listings in Centre Wellington in September 2023 is 165.
DAYS ON MARKET
Average days on market to sell in Centre Wellington in April 2023 was 26.
Average days on market to sell in Centre Wellington in September 2023 is 34.
It is really too early to say whether prices are also shifting, but trends do seem to be pointing to a slight-further price correction.
What does this mean for Sellers today?
You have to be priced sharply in the market today to attract Buyers.
What does this mean for Buyers?
There is opportunity – there is never a wrong time to Buy the right house!
EVENTS IN OCTOBER
Looking for things to do locally during the month of October?
Check out Sensational Elora/Monster Month out for local events that are fun for the entire family. https://monstermonth.ca/
Impact Realty Group is sponsoring Pumpkin Day on October 7th with pumpkin carving for the family, as well as live music and face painting.
On October 14th and 15th, check out The Fall Festival at The Fieldstone Barn with an artisan market, horse & buggy rides and a corn maze. The price is $10 for adults and $5 for kids.
Don’t forget to get dressed up and march in the Monster March Parade on October 21st – bring donations for the foodbank!
FOOD TRUCK FEST
We would like to take the opportunity to thank the many clients that attended our Food Turck Festival in September. We had over 240 clients enjoy some amazing food from El Milagro El Milagro – Food Truck (elmilagrofood.com), The Serial Griller The Serial Griller and Pabla’s Street Food of India PABLA’S (pablas.ca) . We are already looking forward to next year!
Lastly, we would like to welcome Ted McDonald to the Impact Realty Group. Many will know Ted as an awesome Realtor with great experience serving clients locally for many years, or the local arena where he has been heavily involved in Minor Hockey and Lacrosse. We know that Ted’s vision aligns with our core values as a team as we strive to provide the ultimate customer experience. Ted joining our team is a perfect example of change being beautiful!
Wishing you and yours a Happy Thanksgiving and all the best at Hallowe’en!