Find out everything you need to know about what’s happening in the Etobicoke real estate market!
The weird market trends that we’ve seen over the last couple of months continued in September with a couple of new twists. In this update, we’ll delve into the changes happening in the Etobicoke real estate market. We’ll look at trends in sales prices and volumes and reveal why they’re being observed. We also have exclusive tips for both buyers and sellers wondering what their next steps should be.
What Happened to Prices in September?
Overall prices went up in September, although the landscape still varies when you compare detached homes against condos.
Detached Homes: The average price of a detached home rebounded from the August lows in our Etobicoke neighbourhoods, climbing to $1,038,579. No one can be sure if this is a ‘one month wonder’ or the start of a new trend. However, prices remain 14% off the all time highs set in the first quarter of the year.
Condos: Condos on the other hand continue to reach new high prices. They climbed 5% to an average of $500,357 in September and are up 22% from the same period last year. It’s the first time in recent history that the pace of price increase for condos is significantly higher than that for detached homes.
Most homes in September were priced at ‘market value’. This is a refreshing change from the prices for multiple offers that we’ve seen for the last several years in Etobicoke. It’s also nice to see buyers able to put conditions back in their offers. Requirements such as financing and home inspections are being accepted by sellers in this more balanced market.
How Many Homes Were Sold in September?
The number of detached homes and condos sold in September remained fairly consistent with August, at around 40% fewer than the number of homes sold for the same period in 2016.
Many buyers are still sitting on the sidelines. There’s definitely a wait-and-see mentality for some of the buyers who only a few months ago were snatching up all properties.
The charts below give you an overview of how the sales prices and volumes have been trending over the past year:
Average Sales Price of Homes and Condos
September 2016 – September 2017
Sales Volume of Homes and Condos Sold
September 2016 – September 2017
ThompsonSells Buyer Tip
Your timing has never been better if you’re a condo owner wanting to upgrade to a detached home in our Etobicoke neighbourhoods.
Interest rates are still at close to historical lows, condo prices are up AND detached home prices are down. Sounds like an opportunity to sell high and buy low!
ThompsonSells Seller Tip
It’s still a good time to sell in the Etobicoke real estate market. The number of homes for sale remains low. This means competition for your home is low. However, buyers are more cautious than they were a few months ago.
There’s opportunity to get your home sold quickly if it’s staged, it’s priced to the current market, and it gets exposure to the right buyers. All you have to do is hire an experienced local agent who can get the job done.
If you’re thinking of buying or selling this fall, we’re here to help. Get in touch with us today!
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