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Uplands Thornhill Vaughan 1st quarter real estate sales report 2024
Uplands, Thornhill Vaughan Real Estate
Market Analysis 1st Quarter 2024
Detached Executive and Townhouses Sold
1st Quarter 2020 | 1st Quarter 2021 | 1st Quarter 2022 | 1st Quarter 2023 | 1st Quarter 2024 | 2020/19 | 2021/20 | 2022/21 | 2023/22 | 2024/23 | |
House Sales | 12 | 27 | 22 | 12 | 13 | +300% | +125% | -+8% | -45% | +8% |
Average Home Price | $2,079,708 | $2,245,037 | $2,414,199 | $2,145,713 | $2,204,751 | +80% | +8% | +8% | -19% | +3% |
Inventory | 25 | 31 | 10 | 9 | 20 | -17% | +24% | -68% | -10% | +122% |
New Listings | 32 | 60 | 37 | 20 | 45 | -9% | +88% | -38% | -46% | +125% |
Days on Market | 31 | 29 | 12 | 34 | 10 | -30% | -6% | -39% | +183% | -71% |
% of Sold Price to Listing Price | 93% | 101% | 107 | 95% | 101% | - | +8% | +6% | -12% | +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. spring market to spring 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 to start this year.....
In Uplands community, the sales this 1st quarter of the year were slightly more than last year when there was an extremely low average. There were only 12 homes sold compared to this year with 13 homes sold (which is still extremely low). Housing prices increased by 3% from $2,145,713 to $2,204,751, an increase of about $50,000 but we need to keep in mind that the area has a mix of homes from townhouses to custom homes on large estate lots. If more townhouses than custom homes were sold, prices would appear to come down or not increase as much and if more larger home sell, prices appear to increase by a larger amount; therefore we can not focus on price alone in this area. The inventory of houses on the market increased from an average of 9 homes to 20 homes. There was also an increase in new listing from an average of 20 homes to 45 homes. It took only 10 days on average to sell a house as opposed to 34 days in the 1st quarter of last year. The houses sold for 101% of asking which is a large increase from last year at 95%. Even though prices increased, there was low inventory of homes available in this area and few sales so it is hard to clearly determine what size homes were sold or if the average sale price is totally accurate. My guess would be that more smaller homes sold as they take a less time to sell and they got close to asking and over. What we know is usually when supply increases, the demand is lower and prices go down. In this case inventory did go up, sales increase as did prices, which does not usually reflecting the laws of supply and demand, however the supply of homes was still very low for the demand. Now lets look at the bigger picture to determine what the market is really doing in most areas.
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 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 3%; as were the number of sales up by 8%; houses sold quicker and they sold for over asking at 101%. 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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