While home prices continued to soar in April the number of sales were down.
Sales dropped by 11.2% from a year ago while the number of new listings decreased by almost 18%.
Consistent with the law of supply and demand, the average price of a single family residential property in Norfolk County skyrocketed by 31.6% compared to the same month in 2016.
Norfolk County home prices are significantly less than the provincial average. Therefore, homes become attractive to Greater Toronto Area (GTA) baby boomers cashing in on the GTA’s hot housing market. The Toronto Real Estate Board (TREB) reported the average selling price for all home types in April was $920,791.
Information reported on the Simcoe & District Real Estate Board (SDREB) show that the average sale price of a Norfolk County home was $355,632 in April 2017 (compared to $270,288 only a year prior).
In late April, Toronto’s NEWSTALK 1010 featured a series of stories focused on selling homes in the GTA.
The Toronto radio station reported the story of Cindy Wegg. “After 22 years in a Leslieville semi, Wegg and her wife moved to St. Catharines in November and settled into a 1,700 sq. ft. home. Wegg figures a place like hers would have cost $1.5-$1.75 million in Toronto at the time they closed. In St. Catharines, they paid a little over $300,000.”
The significant uptick in buyers from the GTA looking to invest in property elsewhere, just like Cindy Wegg’s story, which is driving prices up in Norfolk County.
Properties in Norfolk County sold 40.5% faster in April 2017 compared to the same month a year prior.
As a result of more buyers competing for fewer homes, “bidding wars” are becoming the new norm. Generating and presenting competing offers is a complex process. A seller considering multiple offers has several options to consider.
If you’re thinking of selling and want to find out what your home is worth, call us at 519.586.7922, 519.426.2072 or email us by clicking here.