All the new listings are updated below...there's 5 new power of sale listings.
It’s official…we’re still in a Seller’s Market. Even though the “number” of homes have dropped along with prices…the fact remains that we are still sitting at less than 4 months of inventory.
I talked about this last week on 8th and ran through some of the sales numbers to show why Seller’s still have the upper hand.
I know there are many seller’s who have listed, re-listed multiple times without a sale who would argue otherwise. But the inventory to sales numbers don’t lie.
The different price-points/number of sales/units sold is where we can see the drastic changes in the market.
I looked at the last 60 days vs sales from March 1st to April 30th as a gauge in Vaughan, just to see what’s changed and what price ranges are hurting the most for sales.
It’s obvious that the higher the prices, the lower the amount of sales and ultimately the lower the sales prices have dropped in comparison.
Last 60 days
List prices #sold Avg Sold Price
Under $1mil 30 $1,040,207
$1mil-$1.5mil 154 $1,242,786
$1.5mil-$2mil 87 $1,673,429
$2mil+ 45 $2,500,935
March 1st-April30th
List prices #sold Avg Sold Price
Under $1mil 36 $1,150,556
$1mil-$1.5mil 255 $1,429,203
$1.5mil-$2mil 188 $1,873,633
$2mil+ 107 $2,767,254
As you can see, anything sold over $1mil has seen about $200k shaved off the average price when anything Listed for under $1mil saw about a $110k difference.
Where the even bigger difference is evident is on the number of sales…only 6 less homes that listed on average at under $1mil…but all that listed over $1mil was a much larger gap.
The bottom line is that anything up over the $1mil range has been more challenging to sell…although some homes are still selling and some even over asking with multiple offers.
ONLY if they are Positioned to do so!
The reality is that people will pay fair market value, if Seller’s are willing to expect fair market value. There are some homes that are over-priced because of a number of reasons. Mainly that seller’s “want” Jan-April prices in a market that won’t unfortunately justify it.
Sadly…Agents who aren’t either Straight or worse, misguiding people to list high are not helping their clients.
Fair Market Value is going to be the way it has to be for the next while…and who knows how long that’ll be.
The days that people would “over-pay” to beat competing offers may not come back for a while.
So, even though, we are in a Seller’s Market by definition…less than 4 months of inventory, higher interest rates or the days of almost free money are gone for now and people who need homes won’t over extend themselves…well, at least the banks won’t allow it.
If you know anyone who’s looking to sell soon…please let them know that there really is a process to help them get the highest “fair” priced offer for their home…listing too high will hurt them in the long run. Look at how many homes are listed and re-listed multiple times.
Anyway, send them my way and I’ll help them to position themselves in a way to ensure they aren’t another re-listed home over and over again.
Oh...and I have a Re-List report for all areas of the GTA...click here to see it...in Vaughan for August, 29.1% of the new listings were Re-listed...year to date...23% of all listings.
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SCROLL DOWN FOR TODAY'S BRAND NEW LISTINGS...IF YOU WANT TO SEE ALL THE AVAILABLE LISTINGS IN THE SAME AREAS, I'VE PRE-SET LISTING SEARCHES BELOW:
All Available GTA Condo Listings: click here
All Available Vaughan Listings: click here
All Available York Region Listings: click here
All Available Peel Region Listings: click here
All Available Simcoe area Listings: click here
If you want more info on any of the listings you see, call/text me at 416-918-2758
Robert Caruso
Sales Representative
Partner, Owner
Real Estate Advisors Inc.
Office 416-691-3000
Cell 416-918-2758
www.GTAPropertySearch.com
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