Winter is almost over and the Spring real estate market is heating up. I’ve been tracking three different categories of homes sold in Caledon over the past three quarters, each with its own characteristics. Not surprisingly, the rate of turnover of country properties is a lot slower than in Caledon’s urban centres.
Since December 1, 2010 thirty-four homes have changed hands in the hamlets and country estates. These range from a former church in Alton that sold for $185,000 to a fabulous country estate in northwest Caledon that sold for $15 million! There are currently 130 such homes available, or enough to last for more than a year at the current rate of absorption – so it’s very much buyer’s choice! If you’d like a house in the country, the homes available range from $249,900 to $5,449,000, with a median price of $633,500, virtually unchanged from a year ago.
In town, the median price for a detached home in Bolton, Caledon East, Valleywood and Inglewood is also virtually unchanged from a year ago, at $449,000. This is the category which has seen the most activity, with 52 homes changing hands over the winter months and sale prices ranging from $299,900 to $880,000. There are currently 50 homes available in this category, which represents a three-month supply. This is considered to be a balanced market, so both buyers and sellers can expect to negotiate a fair deal.
Townhouses and semi-detached homes is the category that has seen the greatest change in market value. Most of these are in Bolton, although there are a few in Caledon East. Last year at this time the median value of a home in this category was $326,500. This winter, with 25 sales, it was $345,000, as increase of 5.67%! Homes currently available range from $312,000 to $459,000. It is becoming rare to find a home listed for less than $300,000 in Bolton. There is currently less that a three month supply of homes in this category, so turnover is high.
There are lots of buyers looking for the right home, so if you’ve been thinking about placing your on the market, I’ll be glad to meet with you to get the process started. Feel free to give me a call!