For this week's Blog article we (Mitten Real Estate Team) are pleased to bring you an update on the real estate market in Willoughby for the time period of August 2014 which we will be comparing to the same period last year. This report is being written as a service to our current and potential clients. We complied this report as part of our ongoing market reasearch of the local real estate market.
In August there were 6 sale sof apartments which was up from 4 sales that took place in August of 2013. The prices for apartments in Willoughby saw a small decrease by -2.72% from a benchmark price last year of $173,289 to $168,700 this August. The average and median days on the market did however see small decrease although the days required to sell remains quite high. The while the percentage of asking price recieved remianed virtually the same.
From this Data we can conclude that the market for apartments in willoughby was somewhat weak during August 2014 however the reduction in days is a good sign as is the increased number of sales which probbably correlates to the small reduction that was seen over the last year in apartment values, additionally there is a large supply new apartments for sale in both the yorkson creek development and the Atheny gate complex. Thus we would expect to see some additional softening in the prices of apartments in willoughby mainly due to the large supply of new apartments enetering the market in this area,
During this last August there were a 31 sales of townhomes in Willoughby compared to last year when there were 24 sales. Townhome prices in Willoughby saw a slight increase since last year of 1.55% also notable is the reduction of number of days on the market required to sell and the percentage of asking price recieved remained almost unchanged.
From this data we can conclude that the townhome market in willoughby, while still recovering is starting to see some limited signs of strength. This would point to potential (although limited) price increases in the future, however the market for this type of housing can easily be weakened if too many new townhomes come on the market at any one time.
Single Family Detached Homes
During August 2014 there were 33 sales of single family detached homes in the willoughby area as compared to only 25 sales in August 2013. Single family detached homes also saw a an increase in prices of a modest 2.21% during the last year and a slight reduction in the days required to sell although median days required to sell increased slightly. The percentage of asking price that homes sold for stayed almost unchanged.
From this Data we can conclude the The market for single family homes in willoughby is roughly balanced at this time although it is showing signs of increasing strength, however as with the other sectors in willoughby the strength of the market will somewhat depend on how many new construction homes enter the market in the coming months and years.
During August 2014 there were no sales of acreages in Willoughby, however there is still an acreage market segment in willoughby (although decreasing in size) as there were 22 sales in the last year. Unfortunatly, due to the lack of recent sales we could not analyze the general acreage market in willoughby. It is however fair to say that with a few exceptions the value of these acreages seems to lie in there future develppment potential as they are often bought by develpers and investors.
As of September 19 2014 there were a total of 368 properties listed for sale in willoughby. 19 of these were acreages with 5 of them being new listings (less than 30 days on the market). The average days on the market was 137 with the median days being 60 days and acreages ranged in price from $1,080,000 to $4,800,000 The single family detache homes consisted of 141 listings with 58 being new listings, additionally 49 of the 141 single family homes for sale are new construction homes. The average days on the market was 55 with the median days on the market being 49. There were 153 listings of townhomes with 57 of the listings being new listings and 67 of the townhomes for sale were new construction, the average days on the market was 78 with the median days being 38.5. The large decrepance between average and median days indicates that some townhomes are sitting on the market for long periods probbably due to being overpriced while more reasonably priced homes are sending less time on the market befor selling. There were 55 apartments for sale with 24 of the apartments being new listings and 39 of the 55 apartments were new construction. It is important to note that while the price range of apartments was between 154,900 to 505,0000 only new apartments were asking more than $259,900. Additionally all of the new construction apartments for sale were in either The Atheny Gate Complex or the Yorkson Creek Complex and many of the new apartments have been re-listed severa times without selling meaning that the days on the market is artifically low for apartments in willoughby due to develpers re-listing them over and over, which makes them apear to be new listings on MLS, when they in fact have been for sale for long periods of time.
As we have seen n other areas the strength of the real estate market in willoughby depends on which segment you are looking at. Single Family detached homes are showing modest strength with the market being fairly balanced between supply and demand at the moment. Townhomes have seen some strengthening since last year however the supply new construction townhomes entering the market continues to keep price increases low. The Market for Apartments in Willoughby would appear to be somewhat oversupplied at the moment with a large number of new construction apartments enetring the market, this has resulted in some price decreases, alhtough only samll decreases. Thus as we have seen in other areas the best preforming sector appears to be the single family detached homes.
As Always if you have any questions about this article or any other real estate realted questions please feel free to contact us we wpiuld be happy to assist you. We can be reched either through this website or by phone at 604-882-8384.
Doug, Bonnie and David Mitten
(Mitten Real Estate Team)