July 2024 Real Estate Market Report: York Region, Stouffville, Newmarket, and Aurora
Welcome to our latest real estate market update for July 2024, focusing on York Region, Stouffville, Newmarket, and Aurora. In this post, we’ll break down the key statistics and trends you need to know, and what they mean for buyers and sellers in these areas. Stay tuned until the end for actionable insights and a summary of what you can expect moving forward!
York Region Real Estate Overview
In July 2024, the real estate market in York Region experienced a slight uptick in home sales. A total of 936 homes were sold, compared to 919 in July 2023. This modest increase indicates a stable market with consistent demand.
Months of Inventory
As of July 2024, York Region had 4.7 months of inventory. This figure suggests a balanced market, where neither buyers nor sellers hold a significant advantage. For context:
- Less than 3.5 to 4 months of inventory: Seller’s Market
- 4 to 6 months of inventory: Balanced Market
- Over 6 months of inventory: Buyer’s Market
The current supply of 4.7 months is up from June 2024’s 3.9 months and the 3-month supply in July 2023.
Regional Breakdown: Aurora, Newmarket, and Stouffville
Aurora
Aurora’s months of inventory stood at 3.4, indicating a slightly tighter market compared to the overall York Region. This trend shows a gradual shift toward a more seller-favorable environment.
Newmarket
Newmarket had 3.6 months of inventory in July 2024, similar to Aurora’s trend. This suggests a stable market with balanced conditions, though slightly more favorable to sellers than the broader York Region.
Stouffville
Stouffville maintained a balanced market with 4.4 months of inventory. This is consistent with the general trend in York Region, offering a balanced playing field for both buyers and sellers.
Home Prices
The average price of a home in York Region for July 2024 was $1,305,476,
Here’s a closer look at price changes in specific areas:
- Aurora: $1,420,307
- Newmarket: $1,131521
- Stouffville: $1,309,690
Market Dynamics
List-to-Sale Price Ratio
In York Region, the average list-to-sale price ratio was 100% in July 2024, meaning most properties sold for their asking price. This represents a slight decrease from 102% last year, suggesting that competitive bidding wars are less common.
Days on Market
Properties took an average of 23 days to sell in July 2024, up from 22 days in June and 16 days in July 2023. Sellers should anticipate a longer time on the market compared to last year.
Mortgage Rates and Future Outlook
Current mortgage rates range between 4.34% and 6.7%, depending on the type of mortgage and lender. Economists predict potential rate cuts by the Bank of Canada this fall, which could ease borrowing conditions and further stabilize the market.
What This Means for You
For buyers, the market is currently balanced, with potential improvements in mortgage rates on the horizon. If you’re looking to buy, it might be beneficial to stay informed about upcoming rate changes and prepare for a potentially more favorable environment.
For sellers, while the market remains balanced, expect longer selling times than last year. It’s crucial to price your property strategically to attract buyers in a slightly cooling market.
Get Expert Advice
Every neighborhood in York Region, including Aurora, Newmarket, and Stouffville, has unique market dynamics. For tailored advice and to discover hidden opportunities, consider a personalized market evaluation.
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Click the link below to request a free, no-obligation consultation. I’m here to provide accurate market analysis and help you make informed decisions.