The Daily Dish; A Hot Serving Of Toronto Real Estate. May 14, 2018
May 14, 2018
There were thirty-one MLS sales reported today in the west-end. Ten of these sold for asking or above. Not bad for a market supposedly in crisis. Noteworthy; is that four of the eight sales that went for over one million dollars, sold for over asking or above. On the other side of town in Toronto's east-end there were a paltry four sales reported today however two of these sold for above asking. Six listings in the east-end had their price changed, or listing taken off the market indicating Sellers may have to adjust expectations in certain neighbourhoods. Just four of fifteen sales recorded in North York on this day surpassed asking price. The average list to sale price ratio for these homes was a respectable 95%. In the popular Midtown and Uptown neighbourhoods there were twelve sales recorded today with eight of these selling for asking or above reflecting the short supply of homes for sale in these neighbourhoods.. The average list to sale price ratio was also strong at 99%. Hungry buyers snapped up these houses quickly with an average of just five days on the market.
In Downtown Toronto fourteen of the twenty-eight sales recored today sold for asking price or above. The vast majority of these sales were condominium apartments. Included in this group: a one bedroom with parking in the Bay Street corridor that sold for $966 per square foot, a one bedroom plus den in the Bay Street corridor with parking that went for $821 per square foot, a two bedroom in the Church-Yonge corridor without parking that went for $688 per square foot, a two bedroom plus den with parking in Liberty Village that sold for $844 per sq.ft., and a two bedroom plus den with 2 car parking in the Church-Yonge corridor that sold for $769 per square foot.
Yes there are still houses and condos languishing on the market but these are by and large overpriced with inflated expectations. Well priced listings maybe taking a little longer to sell and prices are certainly down from last years highs but overall we have a fairly balanced market; albeit inventory levels remain on the low side which is keeping demand high.