I was reading how the real estate market in Toronto is down from last year. The first caveat I would like to impress upon you is that last year was the best year on record. It might be an unfair comparison. We can’t always have the best year.
So is this year working for the real estate market? I went to work to see what was happening with the listings and the sales. This is what I found:
In South Pickering:
There were 19 sales below $300,000 in May. Of those sales, 2 of them sold for more than their list price. On average, they sold for 98% of their list price. The average list price was $270,904 and the average sale price was $267,842.
There were 14 sales above $300,000 in May. Of those sales, 2 of them sold for more than their list price. The highest sale was for $541,000. The number of days that it took for the sales to happen was 16 days.
In North Pickering:
There were 28 sales below $300,000 in May. 15 listings were put on the market and 5 of them changed their price. As with South Pickering, on average the homes sold for 98% of their list price.
There were 63 sales over $300,000. The highest sale was for $1,000,000. Seven of the sales were sold for over the list price. On average, they sold for 98% of their list price which was $418,447.
Ajax was a busier market. There were 89 sales in May below $300,000 and 89 sales above $300,000. Of the 178 sales, 17 of them were over their list price with the most being 105% of the list price. The lowest sale was $155,000 and the highest sale was $548,000.
This is a lot of information. Is the real estate market working? Yes, if you list your home based on the market price and sometimes have a little patience. The market will work for you.