Are you interested in seeing what is happening in the Sarnia real estate market? In this post, I will compare last month’s numbers with March of 2013’s numbers.
Real Estate Activity for March 2014 vs March 2013
In March of 2014, there were 78 homes sold in Sarnia, Ontario. This is a decrease in 16 homes, as there were 94 homes sold in March of 2013.
The average list price for homes that closed in March of 2013 was $193,723
The average list price for homes that closed in March of 2014 was $199,410
The average sale price for homes that closed in March of 2013 was $187,841
The average sale price for homes that closed in March of 2014 was $194,035
An increase of 3% from 2013
The Average days on the market for homes that closed in March 2013 was 67 days
The Average days on the market for homes that closed in March 2014 was 59 days
Homes are selling 12% faster than they were from last year
Conclusion
So you are probably wondering why the number of homes that sold are down but house prices are up from last year. Luckily my degree in Finance and Economics will come in handy explaining this phenomenon. As everyone in Sarnia knows we had one of the worst winters on record which led to sellers deciding to wait to list their homes as they were waiting for the real spring. Buyers on the other hand stay pretty constant from month to month. So with less homes on the market and the same number of buyers; supply and demand takes over and the prices are driven up by having more demand than the supply of homes for sale. I noticed many more homes going over asking price and selling quickly over the last couple months.
Luckily for all you buyers still out there spring is here and the inventory of homes will start to increase giving more options for buyers to get their perfect home! Sellers will still be able to take advantage of the increase in unfulfilled buyers still looking by listing your home in the next 30 – 45 days. If sellers wait much longer than that I think the market will slow down considerably by summer.