The average home price in Port Rowan shot up to $280,495 last year, up 20 per cent
A significant contributing factor to such a substantial increase in house prices was a shortage of properties available for sale. The number of homes sold in Port Rowan plummeted by 22% in 2016 compared to the year prior, dropping from a number of 50 sold homes to 41.
2016 will be remembered as a “seller’s market” in which the number of buyers wanting to purchase exceeded the number of homes that were available for sale. When there are fewer homes for sale combined with a larger pool of buyers, prices tend to rise as evidence by what happened in Port Rowan.
There are currently only 5 resale single family properties offered for sale on the local Multiple Listing Service (MLS®) in Port Rowan. Two of the five properties listed for sale are located in Port Rowan’s “Villages of Long Point Bay”.
One of the results of a seller’s market is “bidding wars” where buyers compete for a property often driving the sale price above the asking price. Upon presentation of competing offers, the happy home owners has a number of options to consider.
If you’re thinking about selling your Port Rowan property and want to know what it’s worth, you can contact us at 519.586.7922, stop in our office at 1019 Bay Street, Port Rowan or contact us here.