The real estate market in West Rouge, Centennial, and Highland Creek was active in March seeing 23 houses sold.
Most of the selling activity was in West Rouge and Centennial. Highland Creek, with it’s high entry price into the neighbourhood, was stale in terms of sales. This may be because of continued unrealistic price expectations in the neighbourhood, homeowners wanting way more than the house is actuall worth, and would-be home buyers who are armed with knowledge and won’t buy a lump just for the sake of getting into the market.
Spring is just around the corner, we’ve had almost a full year of price and interest rate adjustments and the market looks primed to bounce back just like it did in 2008 (and I said it would).
Let’s take a look at what’s been happening…
There were a total of 13 houses for sale in West Rouge. 10 of the houses for sale sold, 2 are sold conditionally, which leaves 1 house on the market for sale for buyers to choose from.
Yikes. That homeowner must be wondering why theirs was the only one that didn’t sell!
Year-over-year sold prices are down -14.84%.
The average listing price in West Rouge was $1,082,829. The average selling price was $1,151,600, 107% of the asking price, or 6.35% higher than the listed price, and the average time it took a house to sell was 9 days.
With only one house available, the months of inventory is 1.08 and the demand rate is .92 meaning there are approximately 8 buyers per house in West Rouge.
There were a total of 18 houses listed for sale in Centennial, and much like West Rouge, 10 of the houses for sale sold.
Year-over-year sold prices are down -16.32%.
The average listing price in Centennial was $1,224,290. The average selling price was $1,245,300, 102% of the asking price, or 1.72% higher than the listed price, and the average time it took a house to sell was 10 days.
With 8 houses on the market (at the time of writing this), the months of inventory is 1.8 and the demand rate is .56 meaning there are approximately 4.5 buyers per house in Centennial.
In Highland Creek, there were a total of 12 houses listed for sale, but only 3 of the houses sale sold. I have toured every home that was for sale in Highland Creek and I think the listing prices put the ‘high’ in Highland Creek. Seriously, it must be the new cannabis shop there…
The average listing price in Highland Creek was $1,145,633. The average selling price was $1,420,000, (that’s one heck of a coincidence with my listing price comment!) 124% of the asking price, or 19.3% higher than the listed price, and the average time it took a house to sell was 4 days.
Year-over-year sold prices are down -10.9%.
8 houses on the market in Highland Creek (at the time of writing this) will take 4.3 months to sell and the demand rate is .14 meaning there are approximately 1.25 houses per buyer.
Thinking about buying or selling this year?
What I see is a market on the rise. It’s been almost a full year since the interest rate increases and the prices have adjusted down as much as I think they’re going to be.
Looking at the demand rate of the neighbourhoods, we can see that buyer confidence is strengthening. Buyers are not dumb. They are well-informed (maybe they know more than most agents actually) and are not interested in buying an over-priced turkey.
Please reach out to me and let’s start the conversation about when would be a good time to buy a new home and list your home for sale.
Download your copy of the houses that sold here.