Today, I’m giving a market update for our local areas of Hudson, Saint-Lazare and Vaudreuil, highlighting how quickly homes are selling, the median sale prices, and comparing home price growth across the country.
While I’m sure many of you have seen bits and pieces in the news about how wild the housing market was to 2021. Today, I’m gonna dig into how this affected our areas specifically to help you understand what this means for you.
When you look at this chart, the main takeaway is that in these three areas, we saw a jump in homes sold in 2020, and then a big drop in 2021. What you hear most of the news is about the lack of supply, meaning a historically low number of homes for sale, andwe’re definitely seeing that here in our local market.
Now there are two sides to every sale. So let’s look at the demand side of the equation. In this chart, we’re showing the median number of days it takes a home to sell in each area.
Again, all the areas follow the same trend, with homes selling faster and faster. Crazy to think that in Vaudreuil, houses are selling two times faster than just two years ago. In Saint-Lazare three times faster, and in Hudson almost four times faster.
This shows us that the demand for homes in our area is continuing to grow, both from people moving into the area, as well as from people wanting to move within. Combine this with less and less people putting their homes up for sale and throughout 2021, we saw the continued situation where buyers are competing against multiple offers for each home that hits the market.
Personally, I saw this happening less and less as the year wore on. I’m sure many home buyers got frustrated and decided to take a break while others got a lot more selective about the homes they wanted to visit and put offers in on. Houses were still selling very quickly, and still getting offers above the asking price, but it wasn’t the same feverish pitch that we saw in 2020 and even early 2021.
In any economy where demand exceeds supply, prices increase. Just think about what’s happening with the global supply chain right now: everything is becoming harder to get, which means that prices across the board are increasing. And this is no different for our local housing market.
As we saw in 2020, the feverish demand for homes in aria has also had a big impact on home prices.
Now for some additional perspective here, from the year 2012 to 2018, the median home price in these areas went up 24.5%. That means the value of homes in our area has increased more in the last three years than it had in the previous seven years combined.
It’s also really interesting to look at this home price growth compared to the rest of Canada. Home prices across the country are up 26% in 2021 and 40% since January of 2020.
It’s no surprise to see the growth rates in our area outpacing the Canadian average considering how awesome it is to live here.
This is #AskPete. If you have any real estate questions, feel free to send them and I will get you the answers. Or stay up to date on the latest tips for real estate buyers and sellers by clicking the YouTube button below:
