Happy New Year!
I hope you had an stress-free and restful time this holiday season! Christmas is always an interesting time in the real estate world: generally, that's when the BEST deals happen! Think about it, if someone is willing to displace themselves during the holidays to allow a buyer walkthrough - you know they're motivated!
On to 2024! Lots of noise about interest rates into the new year from economists and banks alike predicting rate cuts throughout 2024 starting as early as Q2. For example, TD is predicting a -1.5% in overnight lending rate to 3.5% by end of 2024 from 5.0% today, and a further reduction to 2.25% by end of 2025.
What are your predictions? Let me know!
Belleville Bouncing Back? January Update
1. Sales Surge Continues:
The trend we observed in November has extended into December, with the number of sales rising for the second consecutive month. December recorded an impressive 48 sales, a substantial increase from 41 in November and 33 in October. This sustained upward momentum paints a positive picture of buyer confidence and market activity.
2. Median Sale Price on the Rise:
The median sale price experienced a robust 9.2% increase, climbing from $465,900 in November to $508,900 in December. This significant uptick indicates a strengthening market and potential appreciation in property values.
3. Decline in Active Listings:
Continuing the trend from the previous month, the number of active listings further decreased to 92 in December, down from 164 in November and 229 in October. This reduction suggests a tightening of available properties, amplifying the competition among potential buyers.
4. Months of Inventory Plunge:
The Months of Inventory metric plummeted to 1.9 months in December, a stark contrast to the 4.0 months recorded in November. This rapid decline suggests a market that is heating up quickly, as the supply-demand balance tilts in favor of sellers.
5. Increased Sales Volume and Competitive Market:
The combination of increased sales volume, a surge in median sale prices, reduced inventory, and lower Months of Inventory paints a compelling picture. Belleville's real estate market is not only gaining momentum but also becoming notably more competitive. Buyers are re-entering the market, contributing to an environment where well-priced properties may see swift and competitive offers.
As always, feel free to reach out with any questions or if you're contemplating a move in the market. Wishing you a fantastic start to the new year!
Cheers,
George Wang