Central Lonsdale Duplex Report

The Madness Continues!

Things have really picked up in the duplex market with lots of new listings coming on, accompanied with plenty of sales. Between September & October there were 8 sales! 8 times the amount of the previous month (August). Out of the 8 sales, 4 of them sold over the asking price in multiple offer situations. The buyers continue to compete against each other in this market of low supply keeping prices at an all-time high. These homes only lasted an average of 9 days on the market with the highest sale price being $1,437,500 making the average $1,068,000. October and November have historically always given one final surge of sales before the market slows down for the winter and this year is no exception.

 

dup

Current Duplex Listings

There are currently 12 duplexes for sale on the market. Sellers are taking advantage of the high demand from buyers and cashing in significantly on their returns. We are seeing many new listings (mainly detached homes) being relisted for 30% more after only selling a couple of months ago. This is a magnified scenario to when these high prices all started in 2011/2012 which was followed by a 15%-20% correction the following year. If you are considering selling, now could be a great time to speak with Brenden Torrell of Andrews Group and find out how you can best take advantage of our market and achieve your real estate goals.

 Sold Duplexes

Between September & October there were 8 sales! 8 times the amount of the previous month (August). Out of the 8 sales, 4 of them sold over the asking price in multiple offer situations. The buyers continue to compete against each other in this market of low supply keeping prices at an all-time high. These homes only lasted an average of 9 days on the market with the highest sale price being $1,437,500 making the average $1,068,000 for the 2 months. October and November have historically always given one final surge of sales before the market slows down for the winter and this year is no exception.

Average Days on Market

Homes only lasted an average of 9 days on the market. Buyers need to be prepared and have all their ducks in a row when looking to purchase a home in this busy market. This means having your financing in order, pre-inspections done and all documentation read and accepted before making offers if you want to have a solid chance. Many of these homes are selling in multiple offer situations with cash offers and no subjects. This is not a game you want to go at alone. Make sure you have a REALTOR looking out for your best interests and working solely for you. For tips and strategies to help you out whether buying or selling, give us a call.

 

thinker_man_statue-1“I think I’ll wait until the spring to sell’

Conventional wisdom would tell you to wait until the spring to list your home. But is this really the best time of year to sell?

Many real estate professionals only look at sales volume and argue that if you list in the busy spring months of April and May there will be more buyers, and therefore sellers will get better results. While true that there are more buyers, there is also more sellers and more competition. When there is more competition, your property is no longer as unique or eye catching because there are 5 other listings just like it on the market as well.

A better statistic to look at is the sales to listings ratio. This measures the percentage of all listings that sell in any given month and is a much better indicator of when is a good time to sell. In the winter months, there are definitely fewer buyers, but there are also less sellers which can be a big advantage in many cases. Another point to consider is trees are much thinner in the winter, which can open up and showcase views that your property may not have in the spring when the bushes and trees are flourishing. Each season has its pros and cons and certain landscapes can be highlighted better during different times. Don’t always “follow the crowd” and wait until the spring just because everyone else is. Take a look at it from all angles and make sure timing is right not just for your home, but for yourself as well.

 

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