Real Estate Market Report: Springwater, Ontario
The township of Springwater in Ontario, Canada, is a scenic municipality with a population of 19,059 people. It includes the small towns of Elmvale, Orr Lake and Phelpston, Hillsdale, Anten Mills, Midhurst, and Minesing. It is located just an hour’s drive away from the GTA, between two prominent city centers: Barrie and Wasaga.
Springwater’s real estate prices have enjoyed a steady rise due to the desirable lifestyle the township offers. The green countrysides, heavily populated with mature trees and a Provincial Park, attract a steady influx of new home buyers. While it is Canada’s 199Th most expensive township, it features some of the most in-demand suburbs of Ontario.
An Overview Of The Township
The Springwater real estate market features homes that may appeal to everyone. The existing homes are relatively large and located on sizeable lots. They are mostly constructed with enticing, subtle detail and are located in neighborhoods that provide updated amenities and layouts. Springwater homes are generally suited to diverse lifestyles. As the community prioritizes the upkeep of natural landscape, Springwater suburbs are clean, green and picturesque. The large open park space, the small natural woods, and trail connections are an integral part of Springwater’s essence. The township has 6 elementary schools as well as two high schools. These institutions cater to a number of educational preferences, including public schools as well as private Catholic schools. This has motivated an increasing number of buyers in the last two decades to invest in Springwater.
The Surrounding Real Estate Market Of Springwater, Ontario
In Canada, the most commonly listed property is a 3 bedroom home. Ontario has the largest number of properties listed for sale to property investors, and Springwater has the 93rd largest number of listings in the province, which comprises a total of 1145 townships of similar sizes.
The data listed below will help ascertain whether Springwater is a wise investment target. It is important to note the fluctuations of stock on the market, which will be the best indicator of the effects of market pressure on the changes in prices.
The increase in stock (listings) in Springwater, as well as in the whole of Ontario, over the past 3 months, suggest there is added pressure on an easing of the prices.
Understanding the demographics of Springwater may help conceptualize the raw data listed below.
From 2006 to 2011, Springwater has seen an increase of 4.4% in its population. It features 6691 private dwellings, 6258 of which are occupied by usual residents. Springwater also has a population density per square kilometer of 34 and is spread on over 536 square kilometers of land.
Springwater Real Estate Market: The Data
The price of homes in Springwater, Ontario, has seen a steady increase of 4.2% this year, or on average 1% per quarter. It is, however, important to note that the average sold price of homes in Springwater vastly fluctuates from month to month. In September of 2018, the average sold price of a home in Springwater was of $735,000, or -8.9% from that of August 2018. It is, however, an 11% increase from the $651,000 average of July 2018.
From September 2018 to October 2018, the average two bedrooms detached home in Springwater sold for $772,000, or 76% more than in September of 2017. In the same time frame, the average 3 bedroom home sold for $623,000 (-4% from last year) while the average 4 bedroom home sold for $889,000. This makes for an average of $722,000, which is up 14% from last year. The average two-bedroom townhouse, on the other hand, sold for $475,000 in the past month (September 2018 to October 2018).
Because apartments are much fewer in number in Springwater, their market is much more prone to violent fluctuations in prices. In July of 2018, the median apartment price was of $590,000, while it has stagnated at $242,000 in the past two months.
The average apartment in Springwater has two bedrooms. Only 2 new apartments are listed every month, and the average time the properties stay on the market varies from 86 to 94 days depending on the quarter. Most apartments in Springwater are sold in the month of August.
While the data is limited, it can be inferred from the consistency of the number of apartments being put up for sale throughout the year that the Springwater apartment market is subjected to the pressures of demand and supply at a much lower extent than that of homes.
In the past month, the Springwater real estate market showed 88 new listings. The average length of time a Springwater home stays on the market is 42 days. In the past month, 17 new homes were sold, with an impressive 96% selling to listing price ratio.
While the prices of homes sold fluctuate during the year, the number of homes sold remains relatively constant, between 10 and 18 every month throughout the year. New listings for detached homes have increased in the past month by an average of 26%, with a whopping 125% increase in the listings of 5 bedroom homes for sale. Just in the past month, 9 new 5 bedroom homes were put up for sale, 2 new 6 bedroom homes, 24 new 4 bedroom homes, 43 new 3 bedroom homes and 4 new 2 bedroom homes.
In the past month, 4 2 bedroom homes were sold, 7 3 bedroom homes were sold, 3 4 bedroom homes were sold, but no 5 or 6 bedroom sales were made. Meanwhile, 2 2 bedroom townhouses have been sold in the last month.
Investing In Springwater Real Estate
The steadiness of market price increases, as well as the speed of sales, suggests Springwater homes or apartments may be a viable investment. While it is among Canada’s upscale townships, it does not feature the risk of more expensive locations, which see their average sold prices fluctuate drastically. Springwater, on the other hand, has displayed constant numbers since 2006, which seem consistent with the general enjoyment of the township its inhabitant’s display.
Springwater Real Estate, by all means, is showing signs of a place to put your money. As we all know, numbers do not lay and according to numbers, Springwater Real Estate is the place to invest right now. Don’t be left out, make that smart decision today.