The Stern Report
The freehold real estate market has behaved in a traditional manner this year. It slowly worked itself up to a heightened frenzy from January until Victoria Day long weekend, but since then, the air has ever so slowly been let out of the balloon. It's still very much a seller's market but multiple offers are not as certain and with that comes slightly lower sale prices. This summer may be a good time for buyers to consider getting in to the market before the heightened activity that starts up again in September.
Year over year the total number of houses sold in these neighbourhoods is up from 2013. It's interesting to note that unit sales in Lytton Park are up 105%. In 2013 unit sales increased 26.4% in Allenby but decreased 26.5% in Lytton Park. Considering that the natural progression for move up buyers in Allenby is to move to Lytton Park I was wondering, at the end of 2013, where Allenby sellers moved to? This graph indicates that some Allenby sellers bought houses in Lytton Park in 2014.
The number of houses that sold above the list price is higher in all areas in 2014 except Regal Heights where it remained the same. The percentage of houses that sold above the list price is staggering and clearly shows a market in favor of sellers.
The average days on the market remained low except in Forest Hill which reflects that buyers have greater choice due to higher supply in the high end segment of the market and buyers are taking their time to decide to buy.
The average sale price went up significantly in every neighbourhood except Regal Heights where more lower priced houses sold during this period. The increase in average sale price in these neighbourhoods is staggering and reflects a tight market of high demand with low supply.
The average sale price in Hillcrest Village reflects that the real estate industry's reference to its boundaries has expanded west to Oakwood Avenue and north to Vaughan Road which includes more lower priced homes than other subject areas.
Although, the average sale price in Prime Hillcrest Village for this same time period is $843,335 for 2013 and $957,198 for 2014 a year-over-year increase of 13.5%. As a matter of fact for the first time ever, as I predicted last year, three houses in prime Hillcrest Village sold for over $2 million in 2014.