There is a lot of chatter out there about how crazy the market is and rightfully so. We haven’t seen this tight of a supply and demand landscape since 2005/2006 when buyers had 10 or 15 minutes to decide if they wanted a home or not.

Multiple offers, delayed offer presentations, 5 Realtor showings happening at the same time and jammed open houses are all day-to-day events out there recently. Looking deeper at the recent statistics though shows that some areas of the market are very heated due to low supply and high demand while others are having more typical starts to the year.

Lets have a look…

St.Catharines – for all residential, year-to-date, total sales are up by 17% while the average sale price is flat at $250,000.

2016 2015
# of Sales
Avg. Sale Price
# of Sales
Avg. Sale Price
304 (▲17%)
$250,000
260
$250,000

North of Scott Street – this is the epicentre of the market activity at the moment. Proof of that is in the last 2 weeks, 13 of the 22 sales for detached homes sold for asking price or higher for an average of 99.7% of asking.

2016 2015
# of Sales
Avg. Sale Price
# of Sales
Avg. Sale Price
72 (▲26%)
$292,000 (▲17%)
57
$249,000

Below the Escarpment – detached between the 406 and Riverview. Always a consistent area, the demand for these larger, more unique 1960s (+/-) homes remains strong with 16 sales to start the year off.

2016 2015
# of Sales
Avg. Sale Price
# of Sales
Avg. Sale Price
16
$324,000
17
$311,000

Grapeview – newer than 30 years old. A strong neighbourhood for families, Grapeview has had some really strong growth both in terms of price and new home construction which in St.Catharines is not always easy to find.

2016 2015
# of Sales
Avg. Sale Price
# of Sales
Avg. Sale Price
6
$406,000 (▲8%)
6
$377,000

Downtown Core – looking at the area bordered by Welland, Carlton, Geneva and Ontario, this is often concerned to be the core of the average downtown home. Currently it is extremely light in inventory, especially west of Lake Street.

2016 2015
# of Sales
Avg. Sale Price
# of Sales
Avg. Sale Price
15
$198,000 (▲21%)
11
$164,000

Vansickle – 30 years or newer detached homes, similar to Grapeview have a strong draw with younger families. So far, the numbers for this area are healthy and trending upward.

2016 2015
# of Sales
Avg. Sale Price
# of Sales
Avg. Sale Price
7
$365,000 (▲21%)
11
$351,000

Secord Woods – Prices have settled a little lower year over year in this area but 2 months and 9 sales are not a great representation of this area of town. Proximity to the canal, new home construction and some Hartzel & Merritton revitalization have all contributed to the growth in this end of town.

2016 2015
# of Sales
Avg. Sale Price
# of Sales
Avg. Sale Price
10
$197,000 (▼5%)
9
$208,000

Semis north of the QEW – Woah. The demand for semi-detached has been fairly incredible. While the prices are up, the days on the market here were impressive as well as new inventory was snapped up right away.

2016 2015
# of Sales
Avg. Sale Price
# of Sales
Avg. Sale Price
7
$208,000 (▲12%)
8
$185,000

Townhomes north of the QEW – Looking at the townhomes up to $250,000 (excluding the higher end new construction), this is a consistent segment of our market. Affordable and located amongst single detached homes in the $300s and up, demand is always consistent.

2016 2015
# of Sales
Avg. Sale Price
# of Sales
Avg. Sale Price
10
$179,000
10
$174,000

$500,000 – 1M detached – The upper end of our market has never been as explosive as what we read in the press (ie: Toronto or Vancouver) however we have definitely seen an uptick in the amount of interest and sales volume for these homes. That continues so far in 2016.

2016 2015
# of Sales
Avg. Sale Price
# of Sales
Avg. Sale Price
9
$684,000 (▲8%)
5
$634,000

So far, so interesting for the St.Catharines market. We shall see as the snow disappears and the supply chain in some of these more active areas of the city improves. One big factor that will definitely be influencing the supply numbers is out of town buyers. Whenever there are buyers entering a real estate market that aren’t currently selling in that market, supply lessens and more buyers are knocking on the door.

As always, we’ll keep tabs on the most recent real estate events and keep posting. If you have questions on your home or the market in general, please do not hesitate to contact us at anytime!

Thank-you for visiting.

THEbTEAM.

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