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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