b-LOG: THEbTEAM Officially Official Market Summary
2014…the first 237 days
So, here we are approaching the summertime-wetblanket of a long weekend known as Labour Day. A time to reflect as we look back on a summer that kind of wasn’t but still sort of is. You need only to look around at the green grass in late August or swim in a pool that has barely cracked 84 degrees to know that this was a unique summer.
As we have wrote about numerous times in the past, the “how’s the market these days?” question is easily the most commonly asked question that we’re asked. Grocery store line-ups, birthday parties, restaurants, dentist’s chairs, schools, Mom & Dad’s for dinner…the list goes on. And don’t get us wrong, we are quite happy to answer the question.
In the spirit of answering the question on a larger scale, we bring you this bLOG. In this edition we look at the St.Catharines real estate market in various segments, some of which are helpful while others are purely recreational.
A few rules and things to be aware of:
1. This data is pulled strictly from MLS data. Non-MLS sales are not included.
2. It is worth noting that many non-MLS sales are handled by REALTORS.
3. Statistics are statistics. Will this report relate specifically to your home? Probably not to the degree that you would want to rely for establishing a listing/selling price. To narrow down the market value of your home to within a few feet, give us a call and we will gladly put a comprehensive report together for you.
4. The categories are arranged in no particular.
5. While the dates show 2014 and 2013, the timeframe for both is January 1st to August 26th.
6. We did not pull apart every area of the city so we apologize if your neighbourhood is not in here. See our note at the end of this bLOG for more on that.
And now onto the show…
Townhomes priced up to $150,000
This first category is for townhomes priced up to $150,000. These are for the most part 2 storey townes with many of them built back in the 1970s. Examples include 151 Parnell, 50 Lakeshore and 151 Linwell. All are consistent performers with demand from young buyers, downsizers and investors alike.
|Average Asking Price||$132,000||$131,000|
|Average Selling Price||$128,000||$127,000|
Townhomes priced from $200,000 to $400,000
With the over $200k bracket, you are now looking at newer, larger and bungalow townhomes as well. As you may have noticed, there are several new townhome construction sites scattered around the city which have pushed the average prices up. Keep in mind though that several of these sites and/or sales are not on MLS which wouldn’t factor in here. Still, it’s a healthy segment of the market.
|Total Sales||80 (+33.3%)||60|
|Average Asking Price||$276,000||$256,000|
|Average Selling Price||$272,000 (+7.9%)||$252,000|
Port Dalhousie – “Old Port” – Under $1M
Charming, unique, eclectic. And that’s just the residents! (ba-dum tish). But seriously folks, there is a reason that Old Port gets the premium it does, even while the commercial core has been gutted and left for who-knows-what. With new homes beside old, cottages across from mansions, this really is a one-off area of the city which consistently brings in surprising sales.
|Average Asking Price||$325,000||$315,000|
|Average Selling Price||$307,000 (+1.7%)||$302,000|
Port Dalhousie – Cole Farm
Now, let’s talk about a surprisingly low volume of sales. In fact, Cole Farm has had single digit sales for the First 237 Days going back 6 years. One reason that must be considered is it really is a lovely neighbourhood with people moving in and happily staying put. As with all statistics, small sample sizes can produce big ranges in average values. Look no further than here where Cole Farm prices are down by an average of 8.5%. With only 4 sales though, that should be taken with a grain or two of salt.
|Average Asking Price||$332,000||$363,000|
|Average Selling Price||$324,000||$354,000|
North of Lakeshore Road (between Port & the Canal)
Always popular and a strong performer, this area draws in families, empty nesters and retirees alike thanks to the proximity to lakefront trails, a large number of cul-de-sacs and general peace and quiet. With various pockets, construction was mainly in the 1960’s & 1970’s.
|Average Asking Price||$348,000||$301,000|
|Average Selling Price||$337,000 (+15.4%)||$292,000|
Vansickle area – Homes up to 30 years old (detached)
Another area very popular with families, Vansickle offers something not in large supply in the city which is an established neighbourhood with newer and larger family homes. For example, the number of 4 bedroom 2 stories in the far north-end of the city are extremely difficult to find. As a result, Vansickle offers great value, excellent schools and thanks to the 4th Avenue Shopping Universe, a huge amount of retail, grocery and restaurant options.
|Average Asking Price||$379,000||$356,000|
|Average Selling Price||$367,000 (+6.1%)||$346,000|
Old Glenridge – north of the railroad tracks
We often have people moving here from out-of-town look at Old Glenridge with a similar tinkle in their eye as they have for Old Port Dalhousie. (see earlier comment about charming, unique & eclectic). With homes mostly built in the early 1900s, Old Glenridge tugs on the heart strings with a mix of Tudor, Georgian, Modern and various other styles mixed in. Bordering the St.Catharines Golf & Country Club as well as Burgoyne Woods while only a stroll away from downtown, there is a reason this area is in such demand.
|Average Asking Price||$359,000||$329,000|
|Average Selling Price||$351,000 (+9.7%)||$320,000|
Streets that contain double “LL” …why not check!?
We know you’ve wondered so here we are with the answer. The effect of the ‘Double L’ is a tough one to predict. With volume up while average selling price is down by 1.6%, who knows what the remainder of the year has in store for the Double L streets.
|Average Asking Price||$258,000||$262,000|
|Average Selling Price||$251,000||$255,000|
From the QEW north to Scott Street (detached)
Where many consider the ‘north end’ of the city to start, this area includes homes built back in the 1940s & 1950s as farms started to turn into subdivisions. Well-established, consistent and somewhat predictable, this area contains many thousands of homes and is a big factor in the overall market performance for the city.
|Average Asking Price||$210,000||$201,000|
|Average Selling Price||$205,000 (+5.1%)||$195,000|
From Scott Street north to Lakeshore Road (detached)
Similar to the previous area, Scott north to Lakeshore is more bread and butter for the city. With mature neighbourhoods, easy access to shopping, loads of parks and trails, this area has had a great year with average selling price pushing $260,000.
|Average Asking Price||$264,000||$253,000|
|Average Selling Price||$258,000 (+4.5%)||$247,000|
Waterfront (Lake or Martindale Pond)
Lack of volume really played a role in the numbers for 2014. The previous year had several higher-priced lakefront sales which drove the numbers for 2013 up to over $600k. A very specialized end of the market, homes are quite often very difficult to compare.
|Average Asking Price||$601,000||$660,000|
|Average Selling Price||$571,000 (-7.6%)||$618,000|
St.Catharines – streets named after women (we know you’ve been wondering)
Well, what can we say? For those of you living on Elsa, Vivian, Jeanette, Michelle or any of the other several dozen streets that are named after women in this city, 2014 has been a good year so far with average sale price up by 3.5%.
|Average Asking Price||$246,000||$236,000|
|Average Selling Price||$239,000 (+3.5%)||$231,000|
St.Catharines – all residential (condos, detached, semis etc.)
Here is the entire city for the First 237 Days of this year compared to last. With sales off a whopping 2 units, average selling price is up a respectable 4.8%. Again, this is pulling all residential in the city so it is a rough guide only.
|Average Asking Price||$244,000||$234,000|
|Average Selling Price||$238,000 (+4.8%)||$227,000|
What will happen for the remainder of the year? Stay tuned to find out! Once we get past Labour Day weekend, it is always interesting to watch the market and how it decides to behave. Our expectation is that there will be a fairly healthy volume push but not too far offline what other recent Septembers have produced. We shall see.
Hopefully this report has shed some light on our local market for you. Again, as mentioned earlier, if you are interested in getting a report together for your specific home and neighbourhood, feel free to contact us anytime and we would be glad to meet with you at no cost or obligation.
Thank-you for visiting,