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Thornhill Woods Patterson 1st quarter real estate house sales 2024
Patterson Vaughan Real Estate
1st Quarterly Market Analysis 2024
Including: Thornhill Woods, Dufferin Hill, Valleys of Thornhill and Thornberry Woods
| 1st Quarter 2020 | 1st Quarter 2021 | 1st Quarter2022 | 1st Quarter 2023 | 1st Quarter 2024 | 2020/19 | 2021/20 | 2022/21 | 2023/22 | 2024/23 | |
| House Sales | 178 | 269 | 203 | 115 | 124 | +55% | +51% | -24% | -43% | +8% |
| Average Home Price | $1,330,084 | $1,491,835 | $2,012,964 | $1,697,837 | $1,683.888 | +14% | +21% | -32% | -16% | -1% |
| Inventory | 84 | 135 | 89 | 45 | 57 | -58% | +61% | -33% | -49% | +27% |
| New Listings | 289 | 472 | 419 | 177 | 222 | -21% | +63% | -11% | -58% | +25% |
| Days on Market | 20 | 12 | 7 | 18 | 21 | -26% | -40% | -42% | +157% | +17% |
| % of Sold Price to Listing Price | 101% | 107% | 112% | 103% | 103% | +3% | +6% | -5% | -9% | - |
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. So lets check how we are doing this year....
When we look at the average number of sale, they increased by 8% over the last year from 115 to 124. The prices also decreased by only 1% from $1,697837 to $1,683,888 this year. The average number of homes available for sale increased this year by 27% from 45 to 57 this year, as did the number of new listings taken. The new listings increased by 25%, from 177 to 222 this year. The listings sold slower in 2024 than in 2023. This year they sold 3 days slower than they did last year, in 21 days compared to last year at 18 days. The sales to listing ratio was the exact same as last year at 103% of asking over over asking in multiple offers.
What does all this mean? Well, this does follows the laws of suppy and demand, when supply goes up, prices and demand usually goes down. Supply was up, however price only dropped slightly. 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. 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 definately a sellers market with 2-3 houses available for every house sold. However because of the continuous rate hike the market did not react as it would have normally. Prices were slightly down; number of sales were slightly up by 8%; houses took longer to sell and they sold over asking. It was a great time to buy for those that were waiting for prices to return to lower prices and could still qualify for the new interest rates. For sellers that were prices right and had their houses marketed correctly usually got asking price or above.
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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