Fair to say we have had yet another delightful combination of predictable, interesting and unique for 2013 so far. As we have written in previous market summary blogs, the weather, particularly at the beginning of the year, plays a big role in the overall activity and supply/demand numbers. Our wet and colder than expected spring really pushed back a fair bit of the volume this year resulting in a lot of people delaying their sale and/or purchase. The result has been a year of catch-up to this point.
This first graph shows simply the number of new listings for August 2013 vs. August 2012. Interesting to note the new listing numbers are almost identical while the average asking price is up by 6.6%. Remember, asking price does not equal selling price.
Graph #2 gets into the meat and potatoes of the market. The sold numbers are really the most critical data to look at. In support of our ‘delayed spring’ market theory (the unscientific version), homes sold for August 2013 vs. August 2012 were up by 13.4%. We believe this is largely due to the slow start of the year as people ended up doing their buying and selling later than normal.
So, how is the year so far? That brings us to graph #3 where you will see the YTD values, all showing healthy and reasonable progress. The ‘total sold YTD’ are virtually unchanged with 2013 only off a grand total of 3 sales versus 2012. The number of days it takes to sell a home (DOM) is another good indicator of how things are going. You’ll notice that number has improved to 44 versus 51 for 2012. And finally, you’ll notice that the average sale price is up from 2012 as well which is fairly typical for this area. Being “up marginally”, when in comparison to the volatility that other large markets experience, suits us just fine.
There you have it. The latest and greatest for our local real estate market here in St.Catharines. We are more than happy to narrow this down for your home whether you live in St.Catharines, Thorold, Niagara-on-the-Lake, Niagara Falls etc. etc. We love tracking and keeping a close watch on what is happening here given that it is not always easy getting solid representation for what is happening in OUR market.
For info specific to your home, please feel free to contact us at your convenience. We are happy to help.
Thank-you for visiting.
Patrick, Jim & Liana.