b-LOG: September Market Summary
One of the interesting aspects of residential real estate in St.Catharines is it generally behaves in a predictable, general positive and somewhat (in a good way) boring manner. No sudden swings in any direction. Modest increases somewhere in the vicinity of the rate of inflation are a common occurrence. While we read about double digit increases with average prices in the more than half million range in major markets, we consistently experience a fairly conservative market growth.
So, as we head into the final quarter of the year, the numbers so far this year have been along the lines of what we have been predicting and expecting. Boring, yes, but sometimes boring is good.
In graph number 1, you will see that both the number of new listings and the average asking price for those listings were both up for September 2013 when compared to September 2012. It is interesting to note that after a slower, rain soaked spring, we have seen several months of increased volume towards the back end of the year as the market and its various buyers and sellers catch up with typical volume.
As we say so often, SOLD is the (much) more important indicator in regards to where the market is. Anyone can ask a price for a product but until someone comes along and says yes, it is just a theoretical concept. In graph 2, you will see some positive news. For the month of September (this year versus last year), the total number of sales as well as selling price are both up when compared to last year. Further, the days on the market (how long it takes to sell the home) were down meaning homes sold faster on average.
In a surprising statistical oddity, the total number of homes sold year-to-date were identical at the point of gathering this info together. To the home, 1,527 homes sold at the end of September for both 2012 and 2013. The average selling price is up so far for the year as well which is always great to see. Again, in typical St.Catharines fashion, the number is just up a touch from last year (just under 3%).
And last but not least, how long does it take to sell your home? On average, that number came down a touch as well (about 6%) meaning in general, a homeowner was able to sell their home faster in 2013 than in 2012.
There you have it. Keep checking in with us as we are big fans of tracking the market numbers both locally and around the region. If you would like us to put something together for your home, please feel free to contact us anytime. Getting accurate and up-to-date LOCAL numbers is not always easy so think of us as your Local Real Estate Resource!
As mentioned, call or email anytime with questions or comments. We would love to hear from you!
Thank-you for visiting.
Thank-you for visiting.
Patrick, Jim & Liana.