Market Update!

Area Activity June 2016 - jpg

Some very revealing statistics were released by WECAR this morning. June was a very active month for Leamington and Kingsville.  2016 continues the trend towards a sellers market in southern Essex County. Listings are down compared to the same time last year while the total number of sales is up.  A lack of inventory in Kingsville in particular has firmed prices up quite significantly.  At this point in 2015 the average residential sale price was around $225,000, while this year that number jumped to nearly $250,000.  For the month of June alone the average price was a little over $300,000.  That’s an increase of nearly $65,000 from June of 2015! (In the attached image, Kingsville is Area 30 and Leamington is area 40)

What does this mean for homeowners?  With bidding wars and multiple offers on many properties, those living in Kingsville are excited at the prospect of getting top dollar for their home.  That enthusiasm is tempered somewhat by the prospect of having to compete with other buyers on their next home.

If we look at the numbers in Leamington however, there might be an opportunity worth considering. As mentioned earlier, sales in June were up, nearly 25% higher than June 2015.  Prices though have remained relatively flat.   The 12 month average sale price in Leamington is approximately $181,000. which is $67,000 less than the same figure in Kingsville.  In looking at June 2016 sales alone, the difference is $94,000.

109 Robson Road Unit 504

There are of course advantages to living in Kingsville, cost of living being chief among them.  On a $250,o00 home, the taxes might be $1200/year lower.  But when you factor in the cost of servicing the debt on a higher priced home in Kingsville the comparative advantage disappears entirely.  Moreover, on a new build the development fees have temporarily been waived in Leamington. Given the disparity in the price of land, there’s yet another reason to consider living in Leamington.

As of noon on June 5th, 2016 there were less than 20 available properties on realtor.ca in Kingsville under $250,000.  Conversely in Leamington there were 79.  For properties under $150,000 the figure is 34 in Leamington and only 4 in Kingsville.  The Leamington market appears to provide more choice, lower prices and overall a less stressful homebuying experience.

192 Robson Rd

Smart buyers (any many of our clients) are slowly beginning to realize where the value is.  While are plenty of great reasons to want to live in Kingsville, there are plenty of wonderful amenities in Leamington not limited to the Marina and waterfront promenade, the Sherk Complex and Point Pelee National Park.   An open minded consumer might be able to save themselves a substantial amount of money!

If you have any questions on market position in either community or anywhere else in the county please drop us a line!  We love talking local real estate.

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Better Than New Executive Home

We just finished updating the site with a fabulous new listing at 193 Elllison Ave.  Located in one of the most sought after family neighbourhoods in Leamington, this 4 bedroom, 4 bathroom home has over 4,000 square feet of total living space.  Finished to a very high level throughout, it features a grand entrance leading to an open concept main floor living area, a true gourmet kitchen with an oversized island/breakfast bar, a large master suite including a luxurious en-suite bath as well as a bonus room bedroom suite with it’s own full bathroom.  The fully finished basement has a spacious family room, a rec room/exercise room and another bedroom.  The list of upgrades to the home is extensive and includes items like a back-up generator, heated/cooled garage, well-fed in-ground sprinkler system, custom in-wall living room home theatre system, professional landscaping, designer window coverings and a retractible awning over the rear covered patio.  If you are thinking about building, give this home serious consideration first!  It’s move-in ready, with immediate possession available.  Why wait months for your dream home when the work here is already done! Check out the virtual tour to see the quality of construction for yourself and Contact Us for a personal viewing today!!

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2 New Waterfront Listings

We have recently added 2 listings on Robson Road in Leamington.  Both conveniently located across the street from Erie Shores Golf and Country Club along the north shore of Lake Erie.  You are only a short bike ride to the gates of Point Pelee National Park and the Leamington Municipal Marina.  Town sewers have been installed along this stretch of road and there is now a nice bike and walking path to enjoy.  Either of these home could be used as a cottage or a year round residence.

332 Robson Rd features 2 nice porches to unwind on after a long day birding or on the golf course.  The main floor is open and spacious with plenty of large windows that let plenty of natural light though.

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322 Robson Rd has 3 total bedrooms, an attached garage and a 2nd floor loft style den that over looks the open concept main floor.  There is also a nice sunroom at the rear of the property that allows you to enjoy the wonderful lake views in the cooler months.

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For more information on either of these properties or to schedule a personal tour, Contact Us today!

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Market Update

With winter coming to an end, we thought it would be a great opportunity to see where the local real estate market sits heading into spring by looking at sales and listing data provided by WECAR.

So far through February, we are noticing somewhat of a shift to a sellers market in Leamington.  There were 28 new listings for the month compared to 46 during the same period in 2014.  At the same time there were 33 sales compared to only 15 in 2014. Homes that sat idle for extended periods of time have been selling while new inventory has not been added to replace them.  In February, the average price for a home in Leamington was $168,743 vs $149,743 in 2014 – an increase of almost 18% on more than twice the number of sales.  A Sales/Listing Ratio of 118% places Leamington in stark contrast to other Essex County municipalities whose S/L Ratio typically hovers between 50-60%.  The county average was 57%.  Clearly the cold weather has not been a deterrent to buyers in Leamington.

1120 Mersea Rd 1 SOLD

The town of Kingsville saw a greater sense of balance.  There were 18 newly listed homes and 14 sales with an average sale price of $202,750 this past February.  By comparison in 2014 there were 16 sales and 25 listings at an average sale price of $226,375.  A S/L Ratio of 78% is still fairly high compared to the rest of the county.

What these numbers show is that buyers in the area are very active, motivated perhaps by the recent interest rate cuts and a potential increase on the horizon.  If you had any interest in selling, the current climate represents a great opportunity to fill a hole in the market as demand creeps up with new inventory needed to fill the void. As warmer weather approaches, now might be the perfect time to start planning your next move.  Contact Us today to see how we can help it happen for you!

1363 Heritage

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4 New Listings in Leamington

Just a quick update on some new inventory posted to the website in the last week.  We have added 4 new listings that are all great family homes located in Leamington.

138 Talbot St W is storey and a half home located near uptown Leamington that is larger than it looks from the outside.  There are 4 total bedrooms and a garage that has been converted to an art gallery.  It would make an ideal spot for a home based business.

138 Talbot St W

15 Parkdale Ave is a character filled home located off Erie St near Lakeside Bakery and Walmart.  It has been extensively renovated and modernized and features a 160′ deep lot with a nicely landscaped and fenced rear yard.

15 Parkdale

6 Lorne Ave is a brick ranch full of potential, located within walking distance of  the Sherk Complex, Tim Horton’s and grocery shopping.  It has 3 bedrooms, a full basement and is action priced at $139,000.

6 Lorne

Last but certainly not least, 14 Audrey Street is ranch located a short walk from the beach and splashpad at Seacliff park.  It features one level living with laundry hookups on the main floor.  There is a nice addition at the rear of the home that is open to the kitchen.  It also features a separate dining area and 2nd living room.  There is a full basement ready to be finished.  There is also an attached garage and the rear yard is fenced.

14 Audrey

 

Click on the links for more information about these properties and Contact Us today for a personal tour of these or any other listings that might be of interest to you.

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Price Reduced on Custom Country Home

We just secured a large priced reduction on 384 Talbot Rd, a custom built ranch located between Leamington and Wheatley.  Built in 2001, it features a brick exterior, vaulted and lofted ceilings, a spacious open concept layout and beautiful 4 season sunporch at the rear of the house.  The yard is just under an acre and comes complete with a partially heated and insulated barn.  Check out the virtual tour and contact us for a personal viewing today!

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Development Fees Eliminated in Leamington

In an effort to spur new construction in Leamington, council recently voted unanimously to eliminate development fees for the next 3 years.  An article published in the Windsor Star  this week spoke of a “housing boom” in the region with new construction starts projected to be dramatically higher in 2014.  Windsor housing starts, for example, were trending to 777 in July.  In 2013 there were only 19 new home permits filed in Leamington, down from 33 in 2012.  As Leamington has been losing market share to the rest of the county, dramatic measures were necessary.  Leamington will now go from having the 5th highest fees in Essex County and Chatham-Kent to the lowest.  A new single family home would normally have been subject to a fee of $12,712 when taking out a building permit.  Developers will still be responsible for a $305 education fee which the town could not eliminate.

In a release dated August 12th, Mayor John Paterson stated “We are open for business, and have listened to our partners in the development community and taken steps to foster growth and encourage new development in Leamington. We look forward to seeing the immediate effect of these measures.”  Patterson goes further to say “A substantial change was needed to get it back again. It needed to be on the news. It needed to be everywhere for people to know that there is a $12,712 adjustment.”

We at R.A. Critchlow Realty Inc. have long been calling for at least a reduction in development fees to make the Leamington housing market competitive with surrounding municipalities.  Tracey Pillon-Abbs, director of community and development service said the town got four new applications for single-family homes the Tuesday morning after the bylaw passed and she expects more will come once news gets out.  

Hillman

Leamington is a natural choice those looking to build a new home.  We have great amenities from the Marina, to the Sherk Recreation Complex to Greenway trail.  We have access to the Lake and great parks such as Hillman Marsh and Point Pelee National Park at our doorstep.  It’s great to see barriers to construction reduced which will hopefully spur exciting new projects going forward.

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New Country Listing

We just finished uploading this fantastic 4 bedroom home on Division Rd North in Kingsville.  This home is ideally located close to town and only 20 minutes to Windsor.  The yard is close to an acre in size, is fenced and features many mature trees.  There’s a large, partially covered deck off the back of the house that leads to a skirted above ground pool.  There are 2 1/2 bathrooms, a nice laundry room and change room by the pool.  Check out the virtual tour here and Contact Us for a personal viewing today!

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New Listing – Lakefront Summer Retreat!

We just finished uploading this amazing lakefront retreat at 1363 Heritage Road between Kingsville and Colchester.  It features approximately 80′ of shoreline complete with updated breakwall.  A small set of steps offers access to a sandy beach at the water’s edge.  There is also a pool that gives you the illusion you are swimming in the lake as you look to the south.  The home itself has been modernized and has 2 bedrooms, 2 bathrooms and a nice open concept layout.  The rear sunporch offers panoramic views of the lake.  Included in the purchase price is a vacant parcel across the street that offers access to the Cedar Creek Watershed.  This property is perfect as a cottage or as a year-round residence.  Check out the virtual tour and Contact Us today for a private viewing!

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Super Semi!

We just finished uploading this great semi detached home in Leamington on Nancy Avenue.  Finished to a high standard on both levels, it’s quite spacious given the open concept layout.  The ample natural light on the main floor is reflected of beautiful hardwood in the living room and bedrooms.  Check out the virtual tour and Contact Us for your personal viewing today!

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