Patterson Vaughan Real Estate 2nd Quarterly Market Analysis 2016 Including Dufferin Hill, Thornhill woods, Valleys of Thornhill and Thornberry Woods
2nd Quarter 2015
2nd Quarter 2016
Average Home Price
Days on Market
% of Sold Price to Listing Price
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. So lets check how we are doing this year.....
When we look at the average number of sale, they remained almost the same from 332 homes sold last year to 330 homes sold this year, a decrease of 2 homes. The prices went way up on average by over $200,000 from $970,764 to $1,174,778 which is an increase of over 21%. The average number of homes available for sale decrease from 85 to 74 now. which is very low inventory. There were on average 11 less listings taken in this quarter than last year, at 457 this quarter and 468 in 2015. The listings sold faster in just 9 days on average as opposed to 11 days last year. The listing sold for more than full price, 105% of asking which was also an increase from 101%.
What does all this mean? Is the bubble going to burst?
Especially in this area, housing prices have gone up at a rate better than you can find in most other areas or with most other investments and with very low risk! There is little inventory and houses that are well prices are selling quickly for full price or over asking. This would confirm that we still have a very strong housing market, sale prices continue to go up. Why? Well, interest rates are still very low. Foreign investment is high, especially because our dollar is down the (foreigner by with U.S. dollars making our housing a bargain at approximately 30% off). We have a good economy compared to what is happening elsewhere in the world. There is not a lot of rental properties so people are buying properties and renting them out. Children of baby-boomers are now old enough to be buyers in the market. Why not invest in our housing market? It is a solid investment sure to go up. It may not be "a get rich quick " fix but over time it is a sound investment paying the best return. There is no sign of bubbles bursting or anything changing anytime soon!