The Sales in Vaughan for October 2022 were down just over 58% over last year. We had 187 sales compared to last year’s 452 sales.
Last Month we had 451 New listing listings which is down about 5.64% from October of 2021 where we had 478 new listings.
The average selling price In Vaughan for October for all home types was $1,251,465 Down about 7% From $1,361,443 in October of 2021
Let’s have a look at our months of Inventory and see how we are doing. We get months of inventory by dividing the sales in to the active listings. It is important to remember that below 4 months is a seller’s market and above 6 months is a Buyers’ market and anywhere in between is a balanced market. Month of inventory in October was 3.4 Months. With means if no other homes came on the market in 3.4 months in Vaughan there would be no homes for sale
Finally, we want to look at our Days on Market. Our average days on market in October was 32 days, Down from from 36 days in September of 2022.
Home sales continued to adjust to higher interest rates in October. New listings are down year-over-year and month-over-month. The persistent lack of inventory helps explain why the downward trend in home prices experienced in the spring has flattened over the past three months.
New listings were down year over year more so for mid and high-density home types, which helps to explain why prices have held up better in these categories compared to detached houses. With new listings at or near historic lows, If Demand increased from current levels this would result in a noticeable tightening in the resale housing market. Obviously, there is still a lot of short-term economic uncertainty In the near future, however, We feel the demand for housing will rebound sooner rather than later as the Bank of Canada’s suggests that they are reaching the end of their tightening cycle.
Whether you are thinking of moving in the near future or not give me a call and let’s chat about what these numbers mean for the value of your home.
Thank you for tuning in to this Month’s Vaughan Market Report Remember, that now more so than ever who you work with makes all the difference.
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