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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Price Reduction – Open House

We just secured a nice price reduction on 842 Cottage Grove in the desirable community of Kingsville. Action priced at $245,000 it’s positioned now for a quick sale.  Come see us Sunday December 6th from 2-4 pm and have a look for yourself.  With fresh paint and gleaming hardwood, this home is truly in show and sell condition.

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Hot New Listing

Act quickly because this house won’t be on the market long!  842 Cottage Grove is a fabulous raised ranch in one of the more sought after neighborhoods in Kingsville.  From the gleaming hardwood to the cathedral ceilings and ample windows, this home is bright and spacious.  The roof was updated in 2014.  The basement is fully finished and the rear yard is huge!  Truly in show and sell condition and action priced it is primed for a quick sale.  Click the above link for more information and Contact Us for more information today!

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New Listing in Ruthven

We just finished updating the site with a great new family home listing in Ruthven. 1521 Woodfern features a number of recent improvements including updated insulation, new windows and a new roof.  There are 4 total bedrooms and 2 full bathrooms.  The yard is a generously sized at 75’x140′ and features many mature trees.  Conveniently located in between Leamington and Kingsville, this home is perfect for a growing family!  Check out the virtual tour and Contact Us for a personal viewing today!

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Georgian Style Home in Kingsville

We just finished updating the site with this brand new listing.  63 Division Rd N has all the charm and character of an older home and more than enough space for a growing family.  As you walk in the front entrance, a grand staircase leads you to four large bedrooms on the second floor. The main floor features 2 nice sitting areas and a formal dining room.  There’s also and a gourmet kitchen with plenty of working space, including an island complete with breakfast bar seating for 6. There is a full basement with plenty of space for storage.  The rear yard is fenced and has an in-ground pool.  Located near uptown Kingsville, only a few short steps from some of the best dining in Essex County.  They just don’t make houses like this anymore! At $279,000, this home is priced for a quick sale.  Check out the virtual tour and Contact Us for a personal viewing 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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2 Open Houses

We’re pleased to announce 2 open houses this weekend.  We hope you come by and see us!

On Saturday July 19th, from 2-4pm we will be at 1385 Road 2 W in Kingsville.  This home is perfect for the family looking for extra space.  The property is spacious and the 4+2 bedroom home room to spare!

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On Sunday July 20th, from 2-4pm we will be at 65 Queen’s Hill Cres in Leamington.  Finished on both levels to a high standard, this townhouse is perfect for those looking to downsize without giving up too much space.  The basement features a walkout to a nice patio and garden.  This home is also conveniently located close to the Sherk Recreation Complex as well as several grocery stores.

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We hope to see you this weekend.  Even if you’re not actively in the market, come by and chat.  We’d love to say hi!

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Affordable Family Home Between Leamington and Kingsville

We just finished uploading this affordable family home on Clovelly Dr located just off County Rd 20 between Leamington and Kingsville.  It features 3 bedrooms, a large fenced yard and a nice sunporch off the front.  Priced to sell, it won’t last long.  Check out the Virtual Tour and Contact Us today fora a personal viewing today!

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Wide Open Spaces – New Country Listing!

Check out the new listing we posted to the site this afternoon.  1385 Road 2 W  in Kingsville features 4+2 bedrooms, 3 bathrooms, 2 outbuildings, over an acre of land, an above ground pool and an open concept layout!  More than enough room for a growing family.  Check out the virtual tour and Contact Us today for your personal showing.

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New Listing – Resort Like Backyard!

Check out the listing we just posted to the site.  227 Main St E is a completely updated ranch in the  heart of Kingsville – close to shopping, restaurants and the Greenway.  The home features 3+1 bedrooms, 2 fireplaces, a finished basement and many other numerous upgrades.  The back yard is an oasis complete with hot-tub, in-ground pool and professional landscaping.  Check out virtual tour and Contact Us for a personal viewing today!

 

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