The State of Real Estate in Niagara – Market Update November 2023

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Hello, Niagara! 

Shawn DeLaat here with the Davids & DeLaat Real Estate Team with your November 2023 Market Update.

IMPACT ON SELLERS:

So, if you’re selling or contemplating selling your home right now, I suggest – if you want to sell your home, hold off till next year. It will be a far better selling season for you.

But if you really need to sell, I’ll prepare you. You’re going to have to price your house very, very aggressively to the other homes on the market to achieve a sale because you are up against hundreds and hundreds of other houses.

WHERE ARE WE NOW? NOVEMBER 2023 MARKET STATISTICS

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MARKET OVERVIEW

Niagara Falls and St. Catharines are showing varied months of inventory, with a slight decrease in the latter indicating some positive movement. However, the luxury market (homes listed over a million dollars) faces a challenging environment with around 16 months of inventory. Moreover, November‘s sales figures have dipped significantly, about 34% below the 10-year average, marking it as the lowest since 2022. Despite this, there is a silver lining, as we’ve seen some improvement since last year.

ADVICE FOR SELLERS

Given the current market conditions, with the festive season approaching and the imbalance of high inventory against low demand, it may not be the ideal time to sell. Sellers might face stiff competition and potentially lower offers.

OPPORTUNITIES FOR BUYERS

On the flip side, this market offers numerous opportunities for buyers. With high inventory levels, buyers are in a favourable position to find good deals, especially from sellers who are motivated to sell quickly. Prices might be more negotiable, and buyers willing to enter the market now may find themselves at an advantage.

LOOKING AHEAD

As we approach 2024, the anticipation is for both inventory levels and buyer demand to increase. This could mean more competition among buyers and less flexibility from sellers. Therefore, acting now could be a strategic move for buyers. That wraps up our November 2023 market update. Stay tuned for a comprehensive year-end recap in December, where we’ll also provide insights into what to expect in 2024.

Contact us to discuss a selling strategy that’s custom fit for your home. Visit us on Youtube to learn more about these changes or schedule your free home evaluation to find out what your home could sell for in today’s market. 

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