Home Prices: A Roller Coaster Summer
Belleville’s home prices have been on a bit of a roller coaster this summer. We saw a major dip to $481,950 (-8.5%) in June, but since then, prices have stabilized and recovered to $505,000 (+4.8%) in July and reaching $523,500 (+3.7%) in August, returning to prices seen earlier this year in the spring. Compared to previous year, while prices are down slightly (-3.9%) vs Aug 2023, prices have been holding relatively steady since December last year.
Interestingly, sellers are still getting close to their asking prices, with the sale price to list price ratio holding steady around 98-99%, essentially almost unchanged from last year.
Sales: Holding Strong
Sales have been holding their own over the past few months. In August, there were 72 homes sold, virtually the same as what we’ve seen in June and July. Compared to this time last year, sales are up a massive +30.9% suggesting a return of buyers to the market in 2024, albeit moving cautiously.
Months of Inventory: Trend Reversal
Months of Inventory (MOI) is simply how many months it would take to sell all the properties on the market at the current sales rate. It’s a key indicator for us to determine sales activity vs inventory to see if the market favours sellers or buyers. Lately, MOI has been creeping up each month from just 1.3 months in February up to 3.9 months in July. In August, this upward trend finally changed direction going down to 3.2 months of inventory – putting us in a balanced market.
Days on Market: A More Thoughtful Market
Homes are taking longer to sell now since this Spring. The average “days on market” (DOM) has been steadily climbing since 27 days in April until now at 44 days in August, This isn’t a sign of a slow market—it’s more a sign of a thoughtful one. Buyers are taking their time, being more selective, but still closing deals when the right opportunity comes along.
What Does This Mean for You?
- For Buyers: With more options on the market and stable prices, this is a good time to look around and find a property that fits your needs. There’s room for negotiating and due diligence right now, so take advantage of it.
- For Sellers: Even though the market is balancing out, buyers are still actively looking. Pricing your home right is key to attracting serious offers, especially as more homes become available.
Looking Forward:
The market in Belleville is always evolving, and we’ll keep an eye on how these trends play out through the rest of 2024. Whether you’re thinking about buying or selling, staying updated on the latest trends will help you make smart decisions.
Not sure what these changes mean for you? Reach out to our team and we’ll be happy to help you make sense of the market.
