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Bathurst Manor Toronto 4th quarter real estate sale report 2019
Bathurst Manor Toronto North York Real Estate
Market Analysis 4th Quarter 2019
Detached Side & Back Splits and Bungalows Sold
| 4th Quarter 2016 | 4th Quarter 2017 | 4th Quarter 2018 | 4thQuarter 2019 | % 2017/16 | % 2018/17 | %2019/18 | |
| House Sales | 41 | 46 | 23 | 26 | +12% | -50% | +13% |
| Average Home Price | $921,539 | $726,291 | $739,528 | $892,504 | -21% | +2% | +21% |
| Inventory | 3 | 30 | 21 | 11 | +10% | -30% | -48% |
| New Listings | 44 | 84 | 40 | 33 | +91% | -52% | -17% |
| Days on Market | 12 | 29 | 35 | 22 | +142% | +21% | -37% |
| % of Sold Price to Listing Price | 111% | 97% | 98% | 97% | -14% | +1% | -1% |
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. fall/winter market to fall market. Therefore, we have to compare how this quarter of the year is doing compared to the last quarter of 2017. Traditionally the spring market is the best market of the year, as I think this year's was and the summer market gets slower due to it being a holiday time and kids being off school. The fall market usually picks up again as routines go back to normal, and our fall/winter market reflects this.
When we look at the average number of sale, they increased by an average of 3 homes sold from 23 homes sold to 26. The prices went up on average by over $152,000 from $739,528 to $892,504. The average number of homes available for sale decreased from 21 homes to 11 homes, meaning a lot less choice available. There were on average about 7 less listings taken in this quarter than last. The length of time it took to sell a home was on average 13days faster and the percentage of selling price compared to the listing price decreased 1% from last year to 97% as oppose to 98% last year. They sold in around 22 days from 35 and for still close to asking price.
What does this mean? In this area the market continued to strenghten, however we don't know how totally accurate that is because this is an area where prices differ greatly.There are largelots but some properties are in their original state and some are renovated and some have been torn down and rebuilt. We do not know which houses sold or there condition. The number of sales increased slightly by 13%. However the average price increased by over $150,000, which is huge. The active listings dropped by almost half or 48% and the new listings dropped by 17%. This is because according to the laws of supply and demand, when supply goes down demand goes up as does price. Here the supply went right down and the price went way up. They remained on the market for only 22 days and sold for 97% of list to sell ratio. They sold faster because the demand was up but they may not have been priced right on so the list to sell ratio went down. It would appear that in 2017 the market had gone way down or corrected itself and in 2018 year the housing prices started to turn around and increase or at least remain stable. But if you know the Bathurst Manor community you have to remember that some homes remained in their original condition from 50-60 years ago and others homes were bought, torn down and and rebuilt. The Manor now has extremely large, estate homes that were rebuilt on the properties because most homes were built on large lots only they were originally much smaller homes. This means that the area has homes of very different price points. If more custom built homes sell in one quarter prices seem to jump considerably, but a mix of homes selling or smaller (older homes) could give the opposite effect, where prices appear to go down. Also custom homes take longer to sell, I believe we had a mix of homes sold this quarter as they sold quicker than last year. To confirm the market we have to look at how the Toronto's market did in general. When we do this, we can see that 2018 showed a shift in the market. Sales were down by 16.1% and housing prices were down by 4.3%. More condo's sold and less detached larger homes sold. The second half of the year did better than the first half. In 2019 the market strengthened the average price was up by 4% or about $50,000 fom $787,856 to $819,319, sales were also up by 12.6% from 78,015 to 87,825, however new listings were down by 2.4%. The Toronto market was stronger than the surrounding GTA area. In Bathurst Manor the price increased to $892,504 which was more than the average housing price for the entire Toronto area which was $819,319. Bathurst Manor's sales were up by 13% similar to toronto's being up by 12.6%. Both Bathurst Manor and Toronto had a decrease in the number of listings that came out. Housing prices are uncertain for 2020 but they are expected to increase like in a normal market by 4-6% or even as high as 10-12% due to the low inventory or supply of listed houses. However, with more government intervention or increases in mortgage rates they could go down further. For now we know that interest rates remain at an incredible low rate and if they go up, they are only suppose to go up slowly, or they could even go down to increase the market (which fuels the economy). The well prices houses are still selling and for almost full price. Houses are selling in a average time frame giving consumers a chance to look around and not rush into purchasing properties or overbidding. We still have an excellent market for both buyers and seller. This is not expected to change in the immediate future.Real estate has always remains a solid investment both to live in or to use as an investment for the long term. We always have dips and peaks. Why not get in now? It is a good market, attractive to foreign investors, interest rates remain low, and prices continue to go up.
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