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Bathurst Manor Toronto North York Real Estate Market Analysis 1st Quarter 2024
Bathurst Manor Toronto North York Real Estate
Market Analysis 1st Quarter 2024
Detached Semis and Townhouses Sold
| 1st Quarter 2020 | 1st Quater 2021 | 1st Quarter 2022 | 1st Quarter 2023 | 1st Quarter 2024 | 2021/20 | 2022/21 | 2023/22 | 2024/23 | |
| House Sales | 27 | 50 | 42 | 21 | 23 | +85% | -16% | -50% | +10% |
| Average Home Price | $940,843 | $1,243,358 | $1,294,415 | $1,171,044 | $1,451,933 | +32% | +4% | -10% | +24% |
| Inventory | 83 | 9 | 19 | 23 | 17 | -99% | +111% | +21% | -26% |
| New Listings | 139 | 57 | 73 | 44 | 45 | -59% | +28% | -40% | +2% |
| Days on Market | 18 | 13 | 17 | 33 | 19 | -28% | +31% | +94% | -42% |
| % of Sold Price to Listing Price | 101% | 110% | 115% | 97% | 103% | +9% | +5% | -18% | +6% |
Real Estate Market Synopsis
Ideally when we want to compare how a market is doing we should compare it to the same time period of another year, i.e. winter market to winter market. This is exactly what we have done, so we can now compare the present market to that of last year. Traditionally the winter market is the best market of the year, as I think last years was. So lets check how we are doing this year.....
In the Bathurst Manor the average numbers for house sales this year is very comparable to that of last year. With only 23 homes sold this year sales are very low. It is up17 homes on average this year and 23 homes in inventory last. from last year by only 2 more homes on average sold, up from 21 sold last year. The average sale price increased from $1,171,044 to $1,451,933 which appears to be a increase of over $300,000 which is 24%. However the range of housing prices varies greatly because there are houses being sold in their original state from 50 years ago and newly renovated and rebuilt million dollar custom homes. In general prices did go up, however, this amount may not be totally accurate and we need to keep this in mind. The inventory this year is very low and even less than last year, with 17 homes this year and 23 last yeaar in inventory. There was only 1 more new listing taken on average taken this year at 45 as opposed to 4 4new listing taken last year. They sold much faster in only 19 days this year compared to 33 last year. They were selling for 103% asking price this year and 97% of asking price last year. Usually when supply is up demand goes down as does prices. This year doesn't seem to be seems to be the case here, this year the supply only went up, only slightly in new listings and the inventory of listings went down but price and did increase from last year, as did demand slightly.
What does all this mean? Well, this does not exactly follows the laws of supply and demand, or any normal market when supply goes down prices and demand goes up. Probably because the supply went up but it was still extremely low with 45 new listings and 17 active listings. So sales and price still when up but this doesn't represent a normal market.
Because of the ten months of interest rate hikes, many consumers were still on the side lines waiting to see what was going to happen with the economy and if interest rates would still go up again. Buyers confidence was still not there. Usually when there is less than 4 houses available for sale for every house sold, it is considered to be a sellers market. When there is 4 - 6 houses available for every house sold, it is considered to be a balanced market. If there is over 6 houses available for every house sold then it is considered to be a buyers market. So to confirm, what we experienced this first quarter was a sellers market with about 2 houses available for every house sold. However because of the continuous interest rate hike the market did not react as it would have normally. Prices were up by 24%; as were the number of sales up by 10%; houses sold quicker and they sold for over asking at 103%. It was a great time to buy for those that still qualify for a mortgage with the new interest rates. For sellers that were prices right and had their houses marketed correctly usually got asking price or above with very little competition on the market.
What we still know:
Many foreigners were still getting a huge discount on the price of housing due to our lower dollar. We had a good economy compared to what was/is happening elsewhere in the world. The Baby boomer's children are now of age to buy homes(Condos). There is a low rental rate of homes. High immigration levels and these people need places to live. Why wouldn't people invest in our housing market? It was a solid investment sure to go up over time. It may not be a time to " get rich quick " but over time it was a sound investment paying the best return.
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