Fergus February 2023 Real Estate Update

The real estate market in Fergus, Ontario, had an interesting February, with some notable trends and developments that could have an impact on the local market in the coming months. In this blog post, we'll take a closer look at what happened in February and what it could mean for buyers, sellers, and real estate professionals in Fergus.

Market Activity

In February, Fergus saw a moderate level of market activity, with a total of 22 homes sold in the area. This was a slight decrease from January when 25 homes were sold. However, it's worth noting that February is typically a slower month for real estate activity, so this dip in sales is not unexpected.

Of the 22 homes sold in February, the average sale price was $693,000. This is a 12% increase from the average sale price in February 2021, which was $618,000. This significant increase in sale prices is indicative of the overall trend in the Fergus market, which has seen a steady increase in prices over the past few years.

New Listings

One trend that emerged in February was a decrease in the number of new listings on the market. In total, there were 38 new listings in February, which is a decrease of 27% from January, when 52 new listings were added.

This decrease in new listings could be due to a number of factors, such as the ongoing pandemic, which may be causing some homeowners to hold off on listing their homes until conditions improve. It's also possible that some homeowners are simply waiting for the traditionally busier spring and summer months to list their homes.

Inventory

Despite the decrease in new listings, the overall inventory in Fergus remained relatively stable in February. At the end of the month, there were 60 homes for sale in the area, which is only a slight decrease from the 62 homes for sale at the end of January.

This stable inventory is good news for buyers, as it means there are still plenty of options on the market. However, it's worth noting that inventory levels have been declining steadily over the past few years, which could lead to increased competition and higher prices in the future.

Conclusion

Overall, the real estate market in Fergus had a relatively stable February, with a slight decrease in sales and new listings. However, the steady increase in sale prices and the declining inventory levels could indicate that the market is becoming more competitive for buyers.

If you're thinking of buying or selling a home in Fergus, it's important to work with a knowledgeable and experienced real estate professional who can help you navigate the local market and make informed decisions. With the right guidance, you can achieve your real estate goals and take advantage of the opportunities presented by the Fergus market.

Until next month,

Kris Butler - Real Estate at Your Service