Well, some long awaited inventory is finally starting to appear with 39 new waterfront listings…
July 2022 Market Update!
On the waterfront side we saw a pretty big drop in average sale price and an increase in the number of days on the market to 20, nearing the 3 week mark, a week longer than this time last year. Properties sold was up to 35, still substantially lower than 2021 but an improvement from previous months this year. The percent of list price is hovering just over 100% at 101% we are seeing lots of properties sell for under asking or just slightly over, a big difference from the steady stream of over asking we saw in 2021.
On the residential side average sale price is actually up from this time last year at $493,900, days on market is sitting at 20, and properties sold is slightly higher than 2021. However, residential properties are selling for 97% of asking price, significantly lower than 2021
The market as a whole is sitting pretty balanced, some places are selling quickly others are sitting, we are starting to see more and more conditional sales as well as price decreases. Buyer’s it’s a great time to get in there and start looking! Bidding wars are still around but becoming more and more unlikely, leaving Buyer’s in a great position to negotiate
Seller’s, don’t worry, things are still moving, and listing prices are still strong.
If you’re thinking of selling or buying contact Team Cottage Country today!