April 2013 Market Summary for St. Catharines
Another month passes and another group of statistics arrive that more or less supports basic economics and all of those supply and demand discussions.
If you recall spring 2012, we had a much warmer, much earlier spring than the anti-spring that we have experienced this year. It is no secret that real estate often suffers from seasonal affective disorder and that has been quite clear this spring. We heard over and over from the public and REALTORS alike that sellers were waiting for the weather to improve.
If you recall our MARCH MARKET SUMMARY, we had new listings down quite a bit from 2012 as we slogged through a nasty, cold and wet April of this year. That continued into April to some degree but that changed drastically as we got into the warmer weather and new inventory arrived on the market in the last half of the month.
You will notice as well, as often is the case, optimism reigns supreme in a spring market as average asking prices were up 4.1% year over year for the month of April.
Sales (a.k.a. absorption of inventory) are very much linked to supply which again, is linked to the weather. You’ll see that very clearly in this next graph. While price and Days on the Market are largely unchanged for the month, sales were down by nearly 20% for April 2013 versus 2012. Again, the weather really suppressed the market, keeping sellers (who become buyers) on the sidelines as they waited for their tulips to bloom and grass to grow.
Long term or larger picture statistics are important for true relevance so it will be interesting to watch as we move through May and June.
The year-to-date numbers are in this next graph. You’ll notice that sales are slowly catching up as we get further into the year. Again, as we get through the next few months, we will have a much more clear and accurate view of volume numbers. The average sale price has edged up slightly year-to-date with an increase of just under 2% while days on the market have edged down slightly by the same amount.
In general, our local real estate market is hanging in there fairly well. One thing to be aware of is the effect the weather will have on the spring market. A late spring arrival seems to be causing a delayed (or possibly compressed) market. What does that matter? It may result in a quicker spring market time meaning the accuracy of pricing will be that much more important.
So, there you have it. If you have any questions or would like to narrow down these numbers for your home, please feel free to contact us at your convenience.
Thank-you for visiting.