Is the Market Sick?
Days on the Market (DoM) tells us how long it takes for a house to get sold. Now, imagine DoM like a thermometer for the real estate market. It helps us figure out if buyers are feeling confident or worried. Are sellers happy or frustrated? These feelings are like the body temperature of the housing market.
The purpose of this bLOG is to shine a light on the health and realities of the market. Which then shines a new light on the opportunities that exist at the moment, and will likely be gone as we progress into the year.
There are currently 1,926 homes for sale in Niagara. Some of those homes have been on the market for 3 days. Others for 43 days. And some for 383 days.
Why does that matter? Let’s take a look at the numbers to understand what's really going on with Days on the Market in Niagara.
...some facts from those numbers:
- 53% of all listings in Niagara have been on the market for 3 months or longer.
- 1 in 5 homes in Niagara have been on the market for 6 months or longer.
- There are 111 listings that have been on the market for more than 300 days.
Why does this matter?
Days on the Market numbers in Niagara are running at some of the highest levels that we’ve seen in the last 8 years. Awareness of the impact of Days on Market trends will be crucial for both buyers & sellers.
What it means for Home Sellers?
Your competition (other similar homes on the market) may or may not relate to your home. Establishing value based on an active listing that has been on the market for 149 days will not help your cause. Awareness of the realities of the market and how your home fits in will be important.
What it means for Home Buyers?
We have already seen mortgage rates start to come down. We also know the direct and speedy impact that interest rates have had on the market over the past 2 years. These current market conditions are temporary. Waiting is fine as long as it is for the right reason(s).
What it means if you are Buying & Selling?
If you are looking to buy & sell, this current market is worth exploring. Conditions are normal. Civility is intact. You have time to breathe. The chaos of a fast market is a completely different home buying and seller experience.
Thank-you for reading.
Questions or thoughts? We would love to chat with you :)