Market Update: July 2023 – Portfolio Realty Group – Experience the perfect blend of nature and urban living in Welland, Ontario!
The Dog Days of Summer
The dog days of summer have buyers barking at the moon for more affordable housing options. July saw a significant drop in homes listed, compared to June, as well as a 14% drop in homes sold. However pricing is holding steady, meaning that buyers know value, and won’t stretch themselves too thin like previous markets where inventory drops.
We can also see that the price gap compared to 2022 is getting smaller, with a 6.6% decrease in price in July 2023 compared to July 2022. This is another indicator for a more stabilized market, but is it enough?
Bank of Canada will make their next Interest rate announcement on September 4th and Although it’s too early to tell what’s expected, buyers and sellers are feeling the pinch to curb inflation, both in their behaviours, and in their bank accounts.
Those that are looking to sell before the end of the year need to understand that strategic pricing is key, and buyers will not fork over funds for homes that are over-valued. Give buyers a reason to leave their couch, and deals can be made. Otherwise your realtor’s lawn sign is nothing more than a glorified lawn ornament.
At a Glance
Buying or Selling?
Are you looking to buy or sell real estate in the Niagara region? Contact us today to discover what the Portfolio Realty Group can do for you.
Market Update: July 2023 – Portfolio Realty Group – Real estate sales in Welland
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EstateDwell: Your Ultimate Social Media Boost for Real Estate Listings
*. Elevate Your Property Listings with EstateDwell: A Social Media Powerhouse
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