Market Update – February 2015

Market Update for February 2015! 2015 has seen a very similar start in comparison to 2014. With sales increasing and limited supply of low-rise homes, this sector of the market is red hot. Bidding wars are the norm and sale prices for detached, semi-detached and attached/row houses have been strong. The GTA-wide, market stats are as follows, for January 2015 versus January 2014;

Sales – 6.1% increase
New Listings – 9.5% increase
Active Listings – 2.5% decrease
Average Price –  $552,575
Average Days On Market (DOM) – 13.9% decrease

Our focus is on homes and condos that sell in the downtown core. The numbers are very different from the GTA wide statistics. If you consider the areas from High Park to The Beach, South of Davenport, the average sale prices are as follows;

Detached Homes

Average Sale Price – $1,043,000
Sale-to-List Ratio – 102%
Days On Market – 17

Semi-Detached Homes

Average Sale Price – $794,000
Sale-to-List Ratio – 105%
Days On Market – 12

Attached/Row Houses

Average Sale Price – $737,000
Sale-to-List Ratio – 104%
Days On Market – 13

Condo Townhouses

Average Sale Price – $511,000
Sale-to-List Ratio – 100%
Days On Market – 20

Condos

Average Sale Price – $439,000
Sale-to-List Ratio – 99%
Days On Market – 29

Many of the statistics above have minimal changes from the previous month and it should be noted that our calculations are based on the average of the previous 12 months. Monthly changes will be minimal but we feel that these numbers are more accurate reflections of the market as opposed to monthly comparisons, year-over-year. Additionally, the month of January tends to be a slower month for sales as many Buyers are focused on the holidays, New Year and subsequent lethargy of returning to work after the break. Couple these components with inclement weather and we tend to see slower sales activity for the month of December and January.

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