This Month in York Region Real Estate July 2022
Is A Historic Market Correction Coming?
The media has down a great job of scaring off buyers with their headlines and articles.
Remember, when you’re reading articles about the real estate market, you always need to consider two things;
- How broad an area are they referencing
- Are they talking about sales or prices
As we head into the fifth month of this market shift, we continue to see a trend!
There are many people that think the market is crashing but it is doing exactly what it should do.
It is correcting as it should.
As interest rates rise people get scared and fearful which causes the market to have less buyer demand
The result… you guessed it… less homes sell, and home prices come down slowly
I believe my role as professional is provide current updates of what is going on in real estate
My focus is explaining the facts of what is happening now and spending less time on what might happen
If you don’t have to sell right now.. Don’t unless your situation calls for it.
Now for you buyers waiting on the sidelines.
Ask yourself this question: What are you doing now if you decided not to buy real estate at the peak of our market back in Jan/Feb early March?
You said you’d buy as prices came down. Are we down enough now?
We have come across some fantastic deals in York Region for buyers that have determined it is the right time for them.
Remember, we’re not day-trading real estate here.
Real estate is a long-term hold investment.
The long-term trend is your friend.
Also rental prices have increased and it might be cheaper to monthly for you to buy then rent.
Keeping informed is significant so let’s get into the facts
York Region June 2022 Vs July 2022
821 homes sold in July vs 1011 in June. This was 109 less homes and a 18.8% decrease
Average Price was $1,237,864 in July vs $1,307,857 in June. This was an average decrease of $69,993 and a 5.4% decrease
Average Days on Market was 20 in July vs 17 in June. This was an average increase of 3 days and a 17.6% increase
Vaughan June 2022 Vs July 2022
197 homes sold in July vs 259 in June. This was 62 less homes and a 23.9% decrease
Average Price was $1,285,860 in July vs $1,297,971 in June. This was an average decrease of $12,111 and a 1.0% decrease
Average Days on Market was 20 in July vs 15 in June. This was an average increase of 5 day and a 33.3% increase