Q4 2018 Real Estate Performance
The real estate market in Sunnylea/Queensway continues to show strength. Here’s what happened in Q4.
- We saw the highest selling price reported for 2018.
- The average selling price was up 6.5% over the prior qtr and up 16% from the prior year’s Q4.
- The number of homes SOLD in Q4 was consistent with the number of homes SOLD in Q1.
- The average time it took to sell a house in Q4 (average days on market) was the lowest that we’d seen in 2018.
In the 4th Quarter, there were 56 homes SOLD The highest price for a home SOLD in Q4 was $3,670,000 located in the Sunnylea area.
There are currently 15 homes on the market in the W07 (Sunnylea/Queensway neighbourhoods.) We’re expecting that the inventory will increase in the coming weeks to a more seasonal average.
The ratio of the inventory of homes for sale versus the number of homes sold is an important indicator of supply and demand. A ratio of anything less than 4 typically means that we’re in a sellers market. A ratio of 4-5 is a balanced market. A ratio above 5 is a buyer’s market.
As of January 19th, the ratio inventory of homes for sale versus the number of homes sold was 2.5. This means the supply of homes continues to be very tight. This represents a very strong seller’s market.
Highest Price
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Average Price
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Average Number of Days on the Market
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Sales Volume
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Our 2019 Predictions
Home Prices – We are anticipating homes prices will be relatively flat in 2019. The price that your home sells for will depend upon how many other homes are on the market when list, how well your home is prepared for the market (decluttering and staging) and how your home is promoted by your realtor (online websites, social media, open houses, marketing campaigns). We expect to see fewer bidding wars on properties with more properties priced at market.
Sales Volume of homes on the market – The current inventory of homes for sale is very low. We expect that this will grow substantially over the coming months.
Average Days on Market to sell your home – In 2018 it took 18 days on average for homes in this neighbourhood to sell. With the current very low inventory of homes for sale, we would expect that homes priced properly will sell quickly. If the inventory of homes for sale increases substantially, we may see the average days on the market to sell your home increase.
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