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Stratford Real Estate: 4th Quarter Review 2023

 

The 4th Quarter Edition (October-December) of our Stratford Real Estate Market Report will examine:

  • Number of Sales
  • Average Sale Price
  • Price Per Square Foot ($/SQFT)
  • Days on Market
  • List Price to Sale Price Ratio

Summary

From September 2023 through the beginning of the 4th Quarter in October 2023, there was a notable decline in the average sale price of detached homes. Starting at $844,940 in September and dropping to $645,115 by October, this downward trend persisted throughout November and December, consistently hovering in the $600,000s for the remainder of the quarter. On the other hand, semi-detached homes maintained a steady price range from August to December, concluding the 4th quarter with an average sale price of $499,000. While townhouses and condominiums experienced an uptick in average sale price from October to December, it’s important to note that this data may be skewed due to limited inventory during this period.

Comparing to the 4th Quarter of 2022, detached home prices saw a decrease of -1.0%, whereas semi-detached homes recorded a 2.5% increase, townhomes saw a 7.5% increase, and condos saw a significant 13.6% increase. Despite these fluctuations, the total sales volume remained consistent with the previous year, with 78 sales reported in 2023 compared to a total of 77 in 2022.

Average Sale Prices (Q4 2023):

  • Detached Home: $645,046
  • Semi-Detached Home: $519,500
  • Townhouse: $535,000
  • Condominium: $521,597

1- Year Trends

Examined both Monthly & Quarterly

In Stratford, quarterly data is a much more accurate picture of the true market trends, due to the low number of sales in some months. Quarterly data examines the average of each quarter for the specific property type.


Average Sale Prices

Monthly

 

Missing inputs due to lack of sales or single outlier skewing the data.

Quarterly

 

Fourth Quarter (October-December) year-over-year change from 2022 to 2023:

Detached Home: -1.0%
Semi-Detached Home: +2.5%
Townhouse: +7.5%
Condominium: +13.6%


Number of Sales

Monthly

 

Missing inputs due to lack of sales or single outlier skewing the data.

Quarterly

 

Fourth Quarter (October-December) year-over-year change from 2022 to 2023:

Detached Home: +17.3%
Semi-Detached Home: 0.0%
Townhouse: -90.9%
Condominium: 33.3%


Price Per Square Foot ($/SQFT)

Monthly

 

Missing inputs due to lack of sales or single outlier skewing the data.

Quarterly

  

Fourth Quarter (October-December) year-over-year change from 2022 to 2023:

Detached Home: -2.0%
Semi-Detached Home: +6.4%
Townhouse: -7.5%
Condominium: +9.9%


Percentage Sold Above Asking Price

Monthly

 

Missing inputs due to lack of sales or single outlier skewing the data.

Quarterly

 

Fourth Quarter (October-December) year-over-year change from 2022 to 2023:

Detached Home: -44.3%
Semi-Detached Home: -22.9%
Townhouse: +96.9%
Condominium: -137.6%


Days to Sell (Median)

Monthly

 

Missing inputs due to lack of sales or single outlier skewing the data.

Quarterly

  • Detached homes now require an average of 5 weeks to sell, a notable increase from the 3-week average observed in Q4 of 2022.
  • Semi-detached homes are selling, on average, within 4 weeks, doubling the average timeframe of 2 weeks seen in Q4 of 2022.
  • Townhouses have decreased to an average selling time of 1 week, down from the 2-week average noted in Q4 of 2022.
  • Condos have experienced a significant surge in selling time, reaching an average of 18 weeks compared to the mere 2-week average observed in Q4 of 2022.

All statistics gathered independently from Huron Perth Association of REALTORS®.

This publication is not to be copied or duplicated without the express written permission of Roxanne Finn.

This publication is not intended to solicit buyers or sellers currently under contract with a brokerage.


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