March 2013 Market Summary for St. Catharines
Well, another month passes as we hang in some kind of 5th season with 9 degrees one day and snow the next. Snow on April Fools day no less! What we have seen for the month and the year-to-date has been somewhat similar to 2012 however overall supply is still down 13.5% from a year ago.
This first graph shows both supply and asking price down from 2012 for the month of March. Shrinking supply can often drive up demand and prices so it will be interesting to watch how this relationship changes as we move into the heavier months of April and May. It is also interesting to note the level of the asking prices, especially in 2012, being close to the $260 mark, or roughly 15% higher than the average. Call it a sign of spring optimism!
New Listings for the Month of March
Statistically speaking, sales are much more relevant than asking prices. We have written numerous blogs about this concept in the past. You can ask $7 for a bag of milk but that doesn’t necessarily mean it is worth $7! In this graph you’ll notice that the total number of sales is down 5% however that should be weighed against the reduced supply of new listings. Also worth noting is the sale price being just a notch over $200,000 which may surprise some. Nearly 60% of the sales were under the $200,000 mark so that had a huge effect. Looking at homes listed in March 2013, only 30% were under the $200,000 mark so that is a stat to watch. Another indicator of reduced supply is the Days on the Market figure (DOM) which improved for last month over 2012.
Total sold listings for March 2013 versus 2012
The Year-to-Date (YTD) numbers somewhat reflect March as well with total sales down a touch (-5.5%) while sales price are up marginally and again, days on the market are down a bit as well. All of this reflects exactly what we have been noticing out there in the market.
Total sold listings for Year-to-Date
So, there you have it. March in a graphic nutshell. It will be interesting to watch as April and May unfold and how this new inventory is absorbed in the market. If you have any questions in regards to your home and the local market, please feel free to contact us at your convenience.
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