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There were 33 sales of detached homes in January which is the second lowest since 2002. The lowest being Jan 2009 when there were 23 sales.
I thought in view of the negative press regarding property prices and their supposed imminent decline I would look at the sale price of each home and see by what percentage of its original list price it sold for.
Of the 33 sales 28 sold below their original list price and the highest percentage drop was for a house on Andover Cr which sold for 46% of its original list price of $2,798,000. It was listed in April 2012 and sold Jan 2013 for $1,500,000. In December the greatest percentage drop was 41% of list and this was also on the highest sold property.
The average decrease in listing to sales price across the 28 sales was only minus 13% with the higher % drops occurring at the higher end of the market.
The three properties to achieve over asking were all in the Dundarave/Ambleside area, were all under 2 million and achieved 7%,12% and 2% respectively over asking.
My view on all this, is what it always has been, that yes I suspect we are in for a slow/more balanced market for the next couple of years but if you price your property well and then present and promote it well you will sell. The other thing I cannot stress enough is that you always make your money on the buy side.
Any more questions or queries with regards to Real Estate or the market please feel free to contact me and I will be only to happy to help.