Buyer's or Seller's market for detached homes in Lorne Park, Port Credit and surrounding areas?
Using this months data to date, March 27th.
Both W12 and W13 have seen a reduced number of listings versus March 2009, yet at the same time sales in these two zones are higher for the month of March compared to the same period last year. Indicated a stronger market for sellers now versus this same period in 2009.
The sales to listing ratio often let's us know how healthy the market is:
In W12 the ratio sits at 0.32 and W13 at 0.29. Both indicating healthy conditions and close to 0.25 ratio that is considered market stability. Going back 3 years, for the month of March in 2007 this ratio in W12 was 0.316 and in W13 it was 0.34. The feeling here is that in March 2007 things were hot and getting hotter. I do not feel that we are getting hotter, but would say that the likely direction for this ratio is down. Meaning more balance to come and the end of the pure sellers market. Which in these two zones is pretty much gone.
Speaking with other agents, zones outside of Lorne Park and Port Credit that offer lower priced homes (below 400K) continue to fly off the shelf as multiple offers are common. Yet not the case in W12 and 13 as there are next to no desirable detached offerings available in that price bracket as both zones have median prices for the month of March well north of $500,000.
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