After a summer of intense appointment volumes, we are now experiencing a decline of 19.7% in week-over-week showings, as the summer comes to a close.Buyers decided to take this long weekend off, with a boost in appointments early in the week, with over 500 appointments occurring on the Monday. Despite the current uncertainty around mortgage rates, we are still experiencing 15.4% more appointments this year, compared to August of 2022, with sales still outpacing listings by 25%.
The appointment/sold index has dropped down to 9.2, which is the lowest it has been in over 1.5 years. This indicates that buyers are extremely motivated and are requiring fewer appointments before making buying decisions.
Our top 5 price ranges this week saw some noticeable shifts. The most prominent shift was in Niagara, where the $1-2M price point that is so popular in other areas has dropped down to the number 5 spot, indicating that mid-range properties are what are appealing to Buyers right now. Halton continues to see higher price ranges at the top, with $1-2M and $2M+ in the top two spots once again. Finally, Hamilton has seen some low to mid price ranges rising in popularity, namely the $450-500k range, although $1-2M continues to occupy the top spot.
