In the month of October, The Belleville real estate market is seeing a continued slowdown with reduced sales activity and increasing accumulation of listing inventory. Here are some of the highlights for the month:
Sales Slowdown: The Belleville market experienced a continued slowdown in October, with 33 sales compared to 46 in September. This suggests less buyer activity in this higher interest rate environment.
Median Price Adjustment: The median sold price saw a 5.2% decrease from $527,300 in September to $499,900 in October, continuing the trend of steady decline of prices since August.
Inventory and Demand:
Inventory Increase: With 229 active listings, October saw an increase in available properties, resulting in 6.9 months of inventory—up from 4.8 in September. This shift of excessive inventory moves us into a Buyer's Market here in Belleville.
Days on Market (DOM): Despite the overall slowdown, the average DOM remains steady at 33 in October, compared to 36 in September. Properties accurately priced continue to sell promptly, reinforcing the importance of realistic pricing strategies.
Sale Price/List Price Ratio: The average sale price/list price ratio of 98% suggests that well-priced properties are still attracting motivated buyers, while others may be facing challenges due to unrealistic pricing.
Competitive Sub-$400K Market: Multiple offers remain a common occurrence in the sub-$400K market, reflecting the challenges buyers face in qualifying for properties with current interest rates.
Duplex Appraisals: Latest appraisals for 3-bed up + 2-bed down duplexes are still hovering around $650,000, indicating stability in this segment of the market.
Seller Financing Options: A noteworthy trend is the increasing prevalence of Vendor Take-Back (VTB) and assumable mortgages offered by sellers, providing additional financing flexibility for buyers.
As we navigate these market shifts, it's crucial to stay informed and adapt our strategies accordingly. Whether you're considering buying or selling, understanding the nuances of the Belleville real estate market positions you for success.