The January Numbers



It’s Friday! And to make the day even more exciting, we’ve just released our first market report of 2024!

The January Market stats showed remarkable strength, with home sales jumping a whopping 48.4% over December’s numbers, which - quite frankly - didn’t take much effort to beat. Compared to January 2023, sales are still below last year’s levels - down 3% year over year and a 24% drop compared to January sales in 2018. The ‘good news, bad news’ story here is that the trend is back in the right direction of positive monthly growth. We’re not out of the woods yet in terms of returning to the average monthly number of sales if we compare this to 5 years ago.


A similar trend can be viewed with the number of new listings entering the market in January.  Up 159% over December - again, not hard to beat December's numbers in any market conditions.  Year-over-year, new listings are up 15.3% and still noticeably short of the 5 year average, down 32%. 


What’s this all mean?


The market is building in spring and we are expecting a much better year compared to 2023. The expectation of lower interest rates, combined with continued strong demand and what will be continued lower levels of supply, all indicate that we should have a stronger market by late spring, or perhaps early summer.


Right now however, buyers and sellers continue to tip toe into the market in anticipation of conditions improving.  These early entrants, I believe, will get the most beneficial conditions.  Buyers won’t have as much competition. That said,  you can expect well priced homes, especially in the lower price points, will be extremely busy and popular.


Sellers looking to “beat the market” (which means pricing like it’s 2022 again and who aren’t prepared to properly prepare their homes for the market) will likely still be sitting 60+ days down the road.  See our issue 397 for more information and strategies on taking advantage of the current market conditions. 


Check out the full January market report below to get all the numbers and details! If you are making real estate plans for 2024 consider our team as one of your options.  We’ll provide you with timely and precise information and be your guide through these challenging markets. 


You can book a quick consultation here.


Enjoy the sunshine this weekend - it’s feeling a lot like spring!


Paul Fitzpatrick



Appointment Calendar: https://calendly.com/homegrouprealty

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January 2024 Stats

THIS REPORT CONTAINS

  • January summary & analysis for Guelph

  • Full home type breakdowns for Guelph, Kitchener, Waterloo & Cambridge

  • Township comparisons: Centre Wellington, Puslinch, and Guelph/Eramosa

 
 

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