I often get asked, “What’s happening in the real estate market?”, so I’m sharing some key stats today that I monitor regularly in order to understand how to best set my clients up for the best outcome when they buy or sell.
Let’s take a look at some of the main stats that we use to monitor trends in real estate. When we take a look at some of the regions that I focus in, you can see that between Rigaud, Saint-Lazare, Hudson and Vaudreuil, prices up anywhere from 18.8% all the way up to 26.7%. Median home prices in September 2021 are up 24.7% over September 2020. When you look at this trend over the last three years, the price increases even crazier at 46% since 2019. And now the median price for a single family home is $612,000 up from $418,000 in 2019.
Another statistic that I take a look at is how long homes are staying on the market before they’re sold. This often indicates how aggressive buyers are. In September 2021, the average home was on the market for 35 days, which compares to 2020 where they’re on for 82 days. This is a result of so little inventory and still an abundance of buyers.
Another stat I like to look at is how many homes were listed versus how many homes sold. The number of homes available is a huge driving factor on price increases: the less homes available, the higher prices tend to go as buyers continue to make more and more aggressive offers. Focusing again on Saint-Lazard this past September we saw 37 homes hit the market, 22 of which were actually already sold. This compares to September 2020, where 31 homes were listed and 28 sold. In 2019, 51 homes were listed and 26 sold. What we’re seeing here is that there continues to be a relatively low number of homes for sale, and this continues to put upward pressure on average sale price.
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