The Junction West Toronto Houses 2016 1st Quarter Report W02

Including Junction Area, Emerson, Dovercourt and the Junction

 

The Junction Toronto   2016     2015   Difference
House Sales   107     103    + 4%
Homes Average Price   $643,473     $569,269   + 13%
New Listings    151     160   - 4%
Active Listings   42     61   -10%
% of Final Sales Price to Listing Price   104%     103%    0%
Days on Market   14     25   - 44%

 

The West Toronto real estate market continues to to very well. We did not see any change to the sales total over this period last year in the area but we did see an great increase in prices to close to $650,000 up by 13% over the 1st quarter of 2015. This dramatic change in price was due to low inventory and the fact that this area still has prices and homes that appeal to the 1st time buyers who are driving up the prices of houses under $600,000 due to a panic of a lack of lesser expensive homes. New listings for the quarter were down by 4% with only 151 new listings hitting the market. We also saw the inventory in West Toronto decline by 10% at the end of the quarter. Houses continued to sell at 104% of listing price and the homes sold within 3 weeks of the listing date.

Much of the increase of the prices was due to a lack of inventory and as we know when supply is down the prices tend to rise. What I found very interesting was even with the increase in prices homes still sold above listing and in a very short period of time. I see no change coming in this area in the near future.

Overall in this area if you are looking to sell your home now is a strong time to pt it on the market as inventory is low and you can gain your greatest value in this time of market. For the buyers be patient look to find your best value and make sure you are working with a agent very familiar to the area.

 

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