Weekly Market Report | MAY 7, 2018

• Be prepared for a strengthening market in the months to come • The average sale price in the 416 right now is $865,000. That is only a marginal spread between the $918k sale price we saw at this time last year. Average sale price by type:⠀
– Detached home: $1,354,719 ⠀
– Semi-detached home: $1,021,986 ⠀
– Condo/Apt: $601,211⠀

• Top performing areas for detached homes:⠀
– C08: $1,660,000 (6 day on market)⠀
– C09: $ 3,448,000 (9 days on market)
– C10: $2,038,000 (8 days on market)⠀

• On average properties are selling for over 100% of their asking price, in some areas over 110% (C08 at 113%)

• Average sale prices for April:⠀
– First week $727k⠀
– Second week $824k⠀
– Third week $857k⠀
– Fourth week: $865k

• Our biggest problem continues to be supply. We have very few active listings. We need MORE! If this pace continues for the 416 we may in fact see the average sale price hit the mid $900k range that we saw last year. • High-end sales (above $2 million) were down 73% at the beginning of the year. As of today we are only down 45% as we see more of these properties come to market. Year-to-date we only saw 600 of these sales, compared to 2,222 last year! It’s a bottom heavy vs. top heavy market but we are starting to see that regularize as more high-end properties start to come into play.⠀
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#torontorealestate #torontomarketreport #weeklymarketreport#ryleyrealestate #chestnutpark

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