Hire A Top Class Real Estate Agent Who Will Invest In Your Future
Brownridge Thornhill Vaughan Real Estate 1st Quarter sales report 2024
Brownridge Thornhill Vaughan Real Estate
1st Quarter sales report 2024
1st Quarter 2020 | 1st Quarter 2021 | 1st Quarter 2022 | 1st Quarter 2023 | 1st Quarter 2024 | 2019/18 | 2020/19 | 2021/20 | 2022/21 | 2023/22 | 2024/23 | |
Home Sales | 40 | 51 | 39 | 22 | 38 | -29% | +48% | +27.5% | -024% | -44% | +50% |
Average House Price | $940,502 | $1,065,849 | $1,272,515 | $1,055,718 | $1,206,171 | +1% | +13% | +13% | +19% | -17% | +14% |
Inventory | 10 | 13 | 16 | 19 | 27 | +18% | -70% | +3% | +23% | -44% | +42% |
New Listings | 58 | 62 | 73 | 45 | 76 | -14% | - | +7% | +18% | -38% | +69% |
Days on Market | 21 | 18 | 6 | 22 | 27 | -26% | -19% | -14% | -67% | +266% | +23% |
% of Sold Price to Listing Price | 105% | 107% | 113% | 102% | 100% | -1% | +8% | +2% | +6% | -11% | -2% |
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 spring market is the best market of the year, as I think last years was. So lets check how we are doing this year.....
When we look at the average number of sale, they increased on average by 16 homes from 22 homes sold last year to 38 homes sold this year, an increase of 50%. The prices went up on average by about $150,000 from $1,055,718 last year to $1,206,171 this year, a 14% increase which was a healthy increase. The average number of homes available for sale increased by an average of 8 homes from 19 homes to 27 homes this year or a 69% increase . There were on average of 76 new listings taken which was a significant increase over last year with 45 new listings taken or an increase of 42%. The average was 27 days to sell a home this year which is about than the same as in a normal market and is slower last year, where as it took 22 days on average to sell a house. This quarter houses sold for 100% of asking which is less than they sold for last year at 102% of asking. So houses sold in an average time for more money, which is unusal becsue the inventory and amount of new listins both went up. Usually when supply goes up prices come down.
Now to explain, what does all this mean with regards to the real estate 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 2.5 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 14%; as were the number of sales up by 50%; houses sold in an average time frame and they sold for asking at 100%. It was a great time to buy for those that still qualify for a mortgage with the new interest rates, becasue there was a lot more choice. For sellers that were prices right and had their houses marketed correctly,they usually got asking price or above with very little competition on the market as inventory was still quite low.
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. Every market holds opportunities, and for those who still qualified for mortgages or didn't need financing, this is a great market and opportunity.
For Listings in Brownride Vaughan click here
For more information on Brownridge click here