
May Market Minute
Uncertainty is still the order of the day, and Middlesex – Elgin, like many other markets across the province continues to struggle.
There were 722 residential sales in the month of May. That is down 15.4% from May of 2024 as many would be Buyers remain on the sidelines. At the same time, we had 1999 new listings in the month of May, up 15.3% from last May, we had 3253 Active Listings that is up 26.5% over last year.
To summarize: Sales down 15.4%, New listings up 15.3%, Active Listings up 26.5%
Incredibly, Market pricing in Middlesex Elgin continues to hold with a median selling price of $610,000. The median price has been in the $580k-$620k range for well over a year now. “Affordable” homes are still moving well if priced appropriately, but higher priced homes have more competition and typically take longer to move. Let’s hope for a resolution to the trade war and sooner rather than later so we can get the market moving again.
If you have any questions on this market update or any other Real Estate issue, feedback and comments are appreciated and will be responded to.
