Thornhill Woods Vaughan Patterson 3rd quarter sales report 2024

Patterson Vaughan Real Estate 3rd Quarterly Market Analysis 2024

Including Thornhill Woods, Valleys of Thornhill,

Dufferin Hills and Thornberry Woods,

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 covers the months of July, August and September.

When we look at the average number of sale, they decreased by 2%,  or 2 homes less.  The average price went up on average by over $100,000 or 7%. It increased from $1,586,771 to 1,690,504. The average n. umber of homes available for sale increased by 63% from 89 homes in 2023 to 145 this year. There were 245 new listing taken last year and 290 new listings taken this year an increace of 41 homes or 16%. This year houses sold slower than last year, it took 23 days instead of 15 days last year.  Also, this year the properties that sold did so for 98% of asking price on average, where Houses sold for over asking last year. They sold for 102% of asking last year.

So to confirm, sales were down slighly (-2%), the average price was up 7%, there was 63% more inventory of homes and 16% more new listings than last year. This meant more choice for the first time in years. Houses sold for less than asking and not in bidding wars and they also took longer to sell.   

Usually when inventory goes up, prices go down, but not this time. This is due to the very unusual outcome of the 10 consecutive interest rate increases that occurred last year, resulting in a lack of consumer confidence. When people don't know what is going to happen, they wait and see and move to the side lines. Usually when there are under 4 homes available for every sale, it is considered to be a sellers market. When there are 4-6 homes available for every sale, it is considered to be a balances market and when there is more than 6 homes avilable for sale for every house sold it is considered to be a buyers market. We had approximately 4-5 houses available for every sale, therefore it was a balanced market, however prices still increased.

To conclude, the housing market has always had it's ups and downs and in every market there are oportunities. This year for the first time there was a lot more inventory than for many before so for those that still qualified for a mortgage, there was a lot more choice (even though the rates were up). Different areas had different pricing results and in some areas prices were down. Interest rates change all the time and they are on there way back down now. It is always a good time to buy when prices are down and we feel that because rates are on their way down, prices will probably continue going up, and bidding wars will be back once the inventory is bought up. We are probably at the bottom of the market. Overall there is still a housing shortage, condos have become the new rentals.  Baby-boomer are now old enough to enter the market. The government is allowing foreign immigration, and they purchase with U.S. currency which is at a discount compared to our dollar being much lower. Even though the housing market goes up and down, in the long run housing is always and has always been a great investment that goes up over time. Call us to talk about your situation or needs 416-818-2600

For Listings in Patterson Vaughan click here

For more information on Patterson or it's areas click here