Westmere 2009 Real Estate Review
We have just completed a review of the 2009 real estate market for the Westmere area for all sales excluding sections north of Wellpark Ave and Richmond Rd and a colour copy of this including charts is available by clicking here.
Here are some of the highlights of 2009:
Volume of sales up 67%
During 2009 there were 94 sales compared with 56 sales in 2008 – that’s an increase of 67% but still down on the average number of sales that have usually taken place most years prior to 2008.
Value of sales
$80,096,500 worth of sales took place in Westmere during 2009.
Median price per quarter
$706,500 in the first quarter
$740,000 in the second quarter
$777,000 in the third quarter
$835,000 in the fourth quarter
The previous median record for a full year was 2007 at $795,000 so the final quarter median at $835,000 is an interesting development. Will it continue to strengthen through the first quarter of 2010 and beyond?
Median price per year
Here are the median prices for each of the last 5 years
2005 $705,000
2006 $728,500
2007 $795,000
2008 $725,000
2009 $769,000
Sales by price range
2 sales under $400,000
5 sales from $400,000 to $499,000
9 sales from $500,000 to $599,000
16 sales from $600,000 to $699,000
23 sales from $700,000 to $799,000
14 sales from $800,000 to $899,000
8 sales from $900,000 to $999,000
6 sales from $1,000,000 to $1,249,000
5 sales from $1,250,000 to $1,500,000
6 sales over $1,500,000
The highest price achieved was $2,250,000
Market Share
Our office obtained superb results for the Westmere properties that we sold in 2009 and one example sold for more than $100,000 above the price that was achieved for it early in 2008 when it last sold.
2010 Prediction
If supply stays low and we continue to register fresh buyers every week then prices must continue to rise – perhaps by as much as 15% in 2010. We need more Westmere homes now!
In the latter part of 2009 our office had one of the most bouyant final quarters we have ever seen and we have almost run out of homes. We need at least 25 new listings right now – the buyers are waiting, we just need your homes!
Data used in this report collected from various sources including tracking by us of all homes advertised in the area, sold sign count etc. Data is for all sales in Westmere north of Wellpark Ave and Richmond Rd.January 21 2010 08:31 pm | Uncategorized
Ross Brader AREINZ
