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Vaughan Houses 2015 2nd Quarter Report

Including Thornhill, Patterson, Dufferin Hill Maple and Woodbridge

Vaughan   2015     2014   Difference
House Sales   1580     1262   + 25%
Homes Average Price   $811,131     $712,673   + 14%
New Listings   2314     2477   - 7%
Active Listings   688     1032   - 33%
% of Final Sales Price to Listing Price   100%     98%   + 2%
Days on Market   17     19   - 11%

Sales in Vaughan continued to be strong. We saw a decline in sales last quarter, this quarter was a different story as we sales sales increase by 25% with 1,580 sales. Prices continue to rise in this area increasing by 14% over 2014 to an average price of  $811,131. What tells me that this market is not declining is the fact that homes are still selling close to listing price and are on the market for only 3 weeks on average.  One concern from the buyers side but a huge lift to the sellers side is we did see a decline of new listings by 7%.  New listings flowed consistently over the quarter but we did not see a larger inventory of homes in the area. In fact we saw a dramatic decline in inventory down by 33% from the same period in 2014.

What I found interesting is how well the luxury homes sold in this area. They sold fast and over asking prices. Proving this market is still very strong and if we don't see a dramatic change in the inventory we will continue to see prices rise in the 3rd quarter.

Woodbridge and Patterson continue to hold the high demand factor as prices are very solid and we see no weakness over the near future. Dufferin Hill is still your best bet to get an affordable house in this area though the prices have been rising constantly over the past few years. Maple is the neighbourhood that has shown the greatest increase in prices over the past 5 years and continues to hold very strong.

Patterson remains to be one of the strongest selling neighbourhoods in the city. 

The analysis shows if you are debating on selling your home, now would be an excellent time to place your home on the market as the inventory continues to be low. Still no sign of interest rates increasing so real estate will continue to be strong. I still don't believe we are in a real estate buble but have an inventory crisis.

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