b-LOG: July Market Summary
We have officially moved through the most active months of the year and as we had suspected, sales volume has mostly caught up after a slow start to the year. As well, somewhat predictably for our area, price has edged up in typical fashion while days on the market (DOM) values have come down.
Just yesterday I was reading about our national real estate picture and the dangerous signs that are appearing including reduced volume and radically reduced construction permit applications. One of the benefits of a market like ours is while we rarely experience substantial gains or volatility, we also rarely see major declines. Even going back 25 years, Niagara has shown price increases every year except for the mid 90’s as markets everywhere adjusted back from declines.
So, for both July and year-to-date, we have some fairly predictable and stable numbers. In this first graph, you will see new listings for the month of July are up by a modest 1% versus 2012 while the average asking price climbed up by 5.6%. Interesting to note as well is that we pulled 3 active listings out of the equation due to their asking prices being in the 1.3 to 1.8 million range which skewed the average asking price up to nearly $280,000.
As we often say, sold values are far more relevant than active listings. So, for the month of July, you’ll notice that the total number of homes sold was up by an impressive 20% which in these here parts is a fair bit. Days on the market came down a huge amount as well while the average sale price for the month edged up by 1.3%. Part of this extra volume is likely a result of the delayed spring market as the buying public does their buying a bit later than normal.
Moving onto the year-to-date values, again, in general, it is largely business as usual for St.Catharines. The total number of homes sold is almost up to 2012 levels, currently down just 1.8% year over year. The ‘steady as she goes’ trend continues with our average price as well as the YTD average sales price which is up a few percentage points from this point last year.
“How long will it take my home to sell?” That is an important question that any homeowner/seller will want to know. It is great to see our DOM value for the year is down by 15.4% meaning that in a perfect, mathematical world, your home will sell in 15.4% less time than a year ago.
The big question for us now is to see if the total sales volume for the year catches up by the time we get through August. Our prediction is yes, it will surpass 2012 levels by a small margin with prices and DOM continuing to move in the right direction. Stay tuned….we shall see!
If you are curious of the value and market position of your property, please feel free to call or email us at anytime.
Thank-you for visiting.
Patrick, Jim & Liana.