b-LOG: May Market Summary
Interesting to write our monthly market blog for St.Catharines at the same time as numerous reports are released from major media citing reports of trouble brewing. Seems like we have been reading that for 4 or 5 years now but that’s another story.
A friend of mine in Toronto listed his semi-detached 2 bedroom home the other week for nearly $500,000. A neighbour up the street had recently received multiple offers, ultimately selling for $55,000 over asking.
Then we look at our little old Garden City through the same ‘market danger’ reports and in our opinion, it doesn’t entirely make sense. We sold a lovely 3 bedroom 2 bathroom townhome last week on Lakeshore Road that was nicely updated and backed onto green space. Near the lake, walking trails, major shopping, Port Dalhousie and great schools. All for under $150,000. What would that be in the same market in Toronto? $300,000? $400,000?
Like it or not, we are all in this together to some extent, but we still see great value in all areas of our city available in many price brackets. So, how was May and how is 2013 looking so far?
This first graph looks at NEW LISTINGS and ASKING PRICE for May 2013 compared to May 2012. As previous market blogs have reported, the delayed spring weather impacted the volume of new listings. (writer’s note: its early June and was 11 degrees this morning…) So, as we got into May, new listing volume was still playing catch-up from the lower numbers earlier in the year.
You’ll see in GRAPH 1 that new listings were up 14.5% for May 2013 compared to May 2012. Asking price as well was up marginally by 1.9% to $263,000.
As always, SOLD data reigns supreme. In this next graph, you’ll notice the number of sales for May 2013 compared to May 2012 was up by 5.8% to 200. Again, this is arguably due to the slow spring start. The Days on the Market value was static while the sales price was up 4.2%, settling in at $224,000.
So, how is 2013 going so far? Well, overall, 2013 has hung in there just fine in spite of our spring’ish weather. The number of sales is still catching up to 2012 with Year-to-Date sales down 9.4% with 783 sold for the year so far. It will be interesting to see how these numbers fair once we get to the end of June.
The average sales price for 2013 has been typical for our market as well with a modest gain of 1.4% to $221,000.
Here is a real estate market fun fact as well: there were 2 Manhattan apartments that sold for a combined value that exceeded the TOTAL year to date dollar amount for sales for the entire city of St.Catharines! Further evidence that no 2 real estate markets are alike.
So there you have it. As always, statistics and market information is not to be looked at in the short term. Longer term trends are the real indicators of where things are sitting with our market.
If you would like a more specific view of our market, feel free to contact us and we would be glad to put that together for you.
Thank-you for visiting.