July 2022 Market Update!
On the waterfront side, we saw a pretty big drop in the 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 were up to 35, still substantially lower than in 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 the market are sitting at 20, and properties sold are slightly higher than in 2021. However, residential properties are selling for 97% of the asking price, significantly lower than in 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, it’s a great time to get in there and start looking! Bidding wars are still around but becoming more and more unlikely, leaving Buyers in a great position to negotiate.
Sellers, 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!