There are 2 stats I am keeping my eye on with the current inventory, and they both have to do with a similar outcome. They are the number of
- VACANT HOMES (43)
- Tenanted Homes (23)
Vacant homes and Tenanted homes usually mean that once the Seller has sold the homes, there will not be another purchase of another home, like a single family home seller may do who is looking to move up, or down, depending on where they are in their real estate journey.
Right now there is 43 vacant homes, and 23 tenanted homes listed. This represents 36% of the current inventory in Newmarket is either vacant or tenanted.
First Time home buyers are relied on heavily to fill that gap, but with rising interest rates making the dream of home ownership more and more expensive, we do expect to see the lower end of the market decline slightly on average so that they can purchase, but we also expect to see in Newmarket the $1.5m+ price points really see a slow down because of the ripple effect of upwards through, especially when inventory creeps upward, which it has been slow to do so far… at least in Newmarket.