North Bay Real Estate Board Market Stats
For July 2022
Official market update for July 2022. This update includes the entire North Bay Real Estate board as a whole
(including outskirts and all property types)
I don’t even know where to start to unpack this past month. I figured that the market had slow down a little bit but definitely didn’t think that it had slowed down this much.
The average sale price for June was $484,404 so it has dropped $85,737 in a month! What’s interesting about this is we also have less new listings then we did in June so you would think things would stay stable with lower inventory. Days on market have gone up, and price per square foot has gone down significantly as well.
Interestingly enough we are still seeing homes selling over asking price on average for the most part but they have significantly dropped throughout the last few months as well.
This market is definitely changing and —slowly— starting to move into a buyers market in my opinion. It’s only going to get worse when interest rates go up so my recommendation for you buyers out there is to get in now while you can. If you wait for prices to drop even more your interest rates could continue to rise and they are expected to rise come September.
As always I’m here for any questions or concerns and I would love to hear your comments, feedback & predictions!
Wouldn’t you love to have a crystal ball to see what was going to happen with the market in the future? I know I would!