Carey and Sharon  Rosenzweig

Carey and Sharon Rosenzweig

Sales Representatives

RE/MAX Realtron Realty Inc., Brokerage*

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Beverley Glen/Whilshire, Thornhill,Vaughan Real Estate 3rd Quarter Market Analysis 2019

Beverley Glen/Whilshire, Thornhill,Vaughan Real Estate

3rd Quarter Market Analysis 2019

Detached,townhouses sold

  3rd Quarter 2017 3rd Quarter 2018 3rd Quarter 2019 % Diff 2018/17 Diff 2019/18
Home Sales 32 28 35 -12% +25%
Average House Price $775,547 $683,064 $714,417 -12% +5%
Inventory 35 32 35 -9% +9%
New listings 78 75 67 -4% -11%
Days on the Market 19 23 27 +21% +17%
% of asking vs. sold price 97% 97% 99% - +2%

 

Real Estate Market Synopsis

When we want to compare how a market is doing we should compare it to the same time period of another year. So, we have compared this quarter to the same quarter of last year. Traditionally the summer market is a quieter market of the year due to it being a holiday time and kids being off school.  The 3rd Quarter of the market that we are reporting on covers the months of July, August and September.

In Beverley Glen and Whilshire community, the sales this 3rd quarter of the year increase to an average of 35 homes sold from 28 in the 3rd quarter of last year, a increase of 7 homes or a further 25%.  The housing price also increased by approximately $30,000, which is also about a 5% increase. This area has a mix of homes from townhouses to custom homes on large estate lots. If more custom homes were sold than townhouses, prices would appear to go up by a larger margin, whereas if more townhouses and smaller homes are sold prices appear to go down when you average the selling price in the community. In this case there were 8 detached homes sold, 2 condo-towns and 25 Condos-apartments sold, causing prices to increase. The inventory of houses on the market increased from an average of 32 homes to 35 homes. There was a decrease in new listing from an average of 75 homes to 67 homes: a decrease of 3 homes.  It took 27 days on average to sell a house this summer as opposed to 23 days last year. Properties still sold for closer to the asking price at 99% of asking instead of 97%. 

It would appear that the market in Beverley Glen, Whilshire and Westmount has started to recover as is the case in a lot of areas of 905. It would appear that the average price increased by 5%, the number of sales increased by 25%, active listing increased by 9% and new listing dropped 11%. More sales, higher prices and less inventory means a stronger market. According to the laws of economy, when inventory (supply) goes down, prices (demand) go up, which is what occurred. Homes took 4 days longer to sell than last year and they got a closer percentage of asking price. If we compare this market to the rest of Vaughan, this area seems very similar. 

On average in Vaughan, property sales increased, prices increase and houses inventory went down, as was the case here.

Our housing market in this area has started to rebound so the market did hit the bottom last year and has started to rebound, so the sooner you buy, the better. It`s always best to buy low. Interest rates remain relatively low even though they were espected to rise a little, they didn't and are not expected to increase significantly. We have strong foreign investment. This is due to foreigners purchasing in U.S. dollars and buying our properties at a 25-30% discount due to the exchange they get on the U.S. dollar.  There is a very low rental rate, which is causing people to buy investment properties and rent them out. Immigration is on the rise and with no new rental buildings, people need to live somewhere. Housing has always been a sound investment. So if you are thinking of buying a property, what are you waiting for? We don't know what will happen in the future, but we know prices are low so a good time to buy and if prices havve recovered so now is a good time to sell!

For more information on Beverley Glen and Whilshire click here

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