Patterson Vaughan Real Estate Sales 4th Quarter Report Including Thornberry Woods, Dufferin Hill, Valleys of Thornhill and Thornhill Woods
4th Quarter 2015
4th 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. fall market to fall market. Therefore, we have to compare how this quarter of the year is doing compared to the last quarter of 2015. Traditionally the spring market is the best market of the year, as I think this year's was and the summer market gets slower due to it being a holiday time and kids being off school. The fall/winter market usually picks up again as routines go back to normal, and our fall/winter market reflects this.
When we look at the average number of sale, they increased from last year with 202 homes sold this year and only 174 sold last year; an increase of 28 homes on average. The average price of homes went up by a large jump of over $180,000 from $1,016,579 to $1,197,954, or over 18%. The average number of homes available for sale decrease from 26 homes to 23 homes meaning less choice available, and almost any property listed was sold. There were on average about 21 more listing taken in this quarter than this quarter last year, with 257 listing taken this year and only 236 new listings taken last year. The length of time it took to sell a home went way down by 14 days from 26 days to 12 days and the percentage of selling price compared to the listing price increase to 104% meaning sellers got over asking price. They are selling even faster than last year at 12 days when last year they sold in 22 days.
What does this mean? Well to us, it means we have a very strong market, the number of sales increased by 28 homes sold, prices are still climbing at a crazyrate of over 18% meaning this has been another great year for real estate. Also interest rates remain at an incredible low rate and are not expected to increase by very much. Houses are selling fast and those that are selling, are selling for full price or over asking(perhaps because of the low inventory). We still have an excellent market for both buyers and seller. This is not expected to change in the immediate future.
Real estate has always remains a solid investment both to live in or to use as an investment for the long term. We always have dips and peaks. Why not get in now? It is a good market, attractive to foreign investors, interest rates remain low. Don't you wish you had bought something at last years prices, next year you may will wish you bought now. Is now the right time for you to buy or sell?