What is happening in the cottage country real estate market right now??
Well, it’s sending some mixed signals average sale price is currently sitting at 95% of asking, down substantially from this time last year. The average sale price is hovering just below 1M for waterfront properties and just over 500K for residential properties which is consistent with the prices we were seeing this time last year, suggesting market value is holding. The biggest change we saw in October is time on the market, sitting at an average of 39 days for residential properties and 25 for the waterfront. Overall things are still moving, just slightly slower than they have been for the past two years with sale prices often under asking.
Seller’s hold in there! Properties are still moving, just a little slower than they have been. Don’t lose hope there are still lots of Buyer’s out there. But be prepared for conditions and accept a little less than asking as the market starts to return to “normal”
Buyer now is the time! As properties sit on the market for longer periods of time Sellers get more and more motivated to sell! This is your chance to get into the market at a great price point! Plus, with lots of inventory currently on the market, you even have lots to choose from!
If you are thinking of Buying or Selling contact Team Cottage Country today!