February 2013 Market Summary for St. Catharines
As you have heard from us in the last few months, the year so far has seen less-than-expected new listings coming on the market. While that trend has started to ease, the beginning of the year was definitely affected as buyers experienced a lack of selection, especially in some areas of the city. Read on for some graphs and editorial comments from yours truly, THEbTEAM!
New Listings for the Month of February
A few points of interest with these graphs; one is we really started to see new inventory increase towards the end of the month with 45% of those new listings arriving in the last week of February. As well, you’ll see that new listings are down approximately 10% over the previous year however, again, we are seeing that supply loosen up. One statistic that we will keep a close eye on is the average listing price. For February, the average asking price was approximately $40,000 over the average sale price for the city which is a bit of a puzzler. Remember, ASKING prices are interesting to watch but SALE prices are the real indicators of market performance.
Total sold listings for February 2013 versus 2012
As you can see, sales for the month of February were down 25% for 2013 vs 2012. 28 days does not make a great sample set but it is interesting when looking at the effects of supply and demand and ultimate consumption of inventory. Two solid indicators are the average sale price (up 5.6% from 2012) and Days on Market (down 25% from 2012) which are both nice to see.
Total sold listings for Year-to-Date
As you can see, sales volume as well as average sale price were both up marginally for 2013 when compared to 2012 while Days on Market is down 29%. Prices and volume improving modestly along with decreasing days on the market are what can be generally viewed as positive indicators for our spring market. One final note, as far as our market in general goes, ‘modest’ is a great way to describe it in general.
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