Interested in some local real estate market info? Take a look at some of these recent MLS facts & figures:
• In the last 7 days, there have been 316 new residential listings posted for the Niagara region. In the same time period, there were 194 solds. A listing to sold ratio of 61%. A higher ratio indicates that more listings are being absorbed (purchased) by the market (buyers). The end result is decreased supply which drives up buyers angst, multiple offer situations and prices. Obviously 7 days is too small a sample size to label as a trend.
• Looking at the same situation in the last 14 days, those numbers change to 635 new residential listings and 328 solds. A more balanced listing to sold ratio of 51% which is right around where many of our local municipalities were for 2011.
• Now looking just at St.Catharines, the last 7 days has delivered 73 new listings with 56 sales in the same period, a listing to sales ratio of 77%.
• Last 14 days for St.Catharines? 155 new listings with 101 sales. Still, an impressive 65% ratio.
• Now move that over to Niagara on the Lake and you get a different market and a completely different picture with 92 new listings in the last 2 weeks and 18 sales, a ratio of just under 20%.
• Going back 6 months for Niagara on the Lake, and that lower ratio trend carries through with 278 new listings and 73 sales in that period, a ratio of 26%. Again, not great for sellers but can potentially put the buyers in a stronger negotiating position. The big ‘x’ factor with Niagara on the Lake is it is such a diverse area with homes of all values, functions and geography.
• For Thorold, we have had 13 new listings and 6 sales in the last 7 days, what would be viewed as balanced if the trend were to continue long term. In the last 14 days, those numbers change to 19 new listings and 11 sales. Again, a small sample size. Going back 3 months, the market leans in the favour of the seller again with 68 new listings and 42 sales during that time period. But again, all markets have to be looked at through their particular lense. Student housing sales tend to be their most active in Jan to March which would certainly drive up the demand and listing to sales ratio.
Some other interesting numbers by area in St.Catharines:
• North of Lakeshore Road in St.Catharines, average sales price of detached homes for the last 6 months was $287,000. Average asking price for current listings right now (excluding listings over $600k) is $344,000. • Port Dalhousie has been surprisingly quiet with only 6 sales in the last 6 months. Average sale price of $339,000. With 23 active listings, there is certainly a good supply available. Again, though, similar to the Niagara on the Lake concept, for a small enclave, there really is a large amount of homes, values & locations in Port so more work is required to nail down a particular trend for a particular home.
• In the meat & potatoes area of north St.Catharines (Scott St north to Lakeshore Rd between the Canal and Martindale pond), there has been steady growth in volume and values. In the last 6 months there were 92 sales with an average sales price of $228,000, just about $10,000 over the average price for the city. Currently there are 56 listings available with an average asking price of $249,000…it will be interesting to see how the sales numbers hold with this higher than normal average asking price. Higher than normal asking prices aren’t particularly abnormal as sellers have optimism, time (or perception of time) and occasionally, an anxious buyer willing to take a leap.
So, on and on we could go. This time of year, typically there are an increased number of new listings coming online so from week to week, the sales to listings ratio can move around some. Once we get into May though we will be able to really zone in on our local trends and get an idea of where the coming months are headed.
If you are curious of the local trends in your neighbourhood, please feel free to call or email us anytime.
We are always happy to talk numbers and real estate!
Thank-you for visiting.
THEbTEAM
Thanks to Rob Necciai for the dice photo.