How Did The Toronto Real Estate Market Do In 2017?
Sunday Jan 07th, 2018Share
What’s going on in our local real estate market? Let’s take a look at three important aspects. With everything that’s being said about our local real estate market, I know many of you may be feeling a little confused.
Today, I’d like to clear things up by going over some important aspects of our current market, including average days on market, average prices, and list-to-sales price ratio.
Let’s start with average prices. Prices have been climbing for more than two decades, and right now, they are sitting slightly above average. Toronto is growing at an amazing pace. In fact, Canada overall has seen more price growth relative to income than most other countries.
If you want to maximize your listing’s potential and take advantage of these price trends, I recommend putting your home on the market during the spring or fall.
But what about our average days on market? Unlike prices, the amount of time homes are spending on the market is trending downwards from years past. By examining this trend on a month-by-month basis, we can see that homes tend to spend less time on the market during the spring and fall months.
Finally, let’s take a look at the list-to-sales price ratio. This figure tells us how closely a home’s list price matches the amount it actually sells for. The ratio also tells us whether or not bidding wars are common at a given point in time. Currently, if you were to ask $100,000 for a home, you would likely end up with something like $99,000.
In other words, it’s a great time to buy. Of course, there are definitely opportunities for sellers in our market right now, as well.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
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