Vital Home Realty Blog

July 2024 Single Family Market Report

Single family home sales volume stayed high. Prices rebounded after a slight dip in June, but may moderate as the year matures.

Sales Prices

Single family home prices recovered in July after a slight dip in June to average around $532,000 in July 2024, compared to around $485,000 in 2023, an increase of 10% over the previous year.

Sales Volume

There was around 1240 single family homes sold in July 2024 which is about the same as in June. We would expect any further increases to be modest for the rest of the year or as is more likely a soft decline in sales volume as the year matures. This is quite normal.

Days on Market

The average number of days on market in July 2024 was 31 days, compared to 43 days last year. This is a sure and ongoing sign of sustained buyer confidence in the single-family home sales market.

Supply

In July 2024, there was less than 1.8 months of supply up from 1.7 months in May.

It’s possible that supply will increase further as the year matures and if a large number of ‘fall sellers’ enter the market.

In general, anything less than four months of supply is considered a sellers’ market. Four to six months is balanced and anything above six months of supply is considered a buyers’ market.

Round Up

The bank of Canada met on July 24^th and cut the base lending rate to 4.5%. Some say this is because many mortgages are coming up for renewal towards the end of this year and early 2025 and the government and Bank of Canada wants to avoid undue hardship and discomfort if possible.

Sellers should consider listing their homes for sale right now before prices moderate in line with seasonal trends.

Buyers can shop with confidence knowing that they are making a safe financial choice.

With inventory being so low, it might be sensible to look at new construction homes.

The Ambergate team can point you in the right direction. Click this link to learn more: New Home Builders Directory.

And we can help you select a new home for sale from almost every builder.

Click this link: Brand New Homes for Sale.

Note many new construction homes are in the ‘hidden’ market. Our skilled team can help you find these too. Call us to learn more.

Look out for my August report during the first week of September 2024. Thank you.

About the author:

You can read more about the author of this blog by clicking this link - Stuart Neal, Team Lead & REALTOR^®.

 To learn more, call our Team Lead Brittany Louiseize at: 705-475-6194 

Get the answers to your questions. Go to our You Tube Channel for buyers and sellers Stuart Neal - Real Estate Advice.

Note, we posted the rate was adjusted to 4.75%. The actual adjustment was to 4.5%. This was corrected by the author August 13th 2024.