Everyone loves to chat about real estate and people often refer to TREB's monthly market statistics, but what do they actually mean and do they paint an accurate picture of what's happening in your neighbourhood market place?
Well, yes and no. It depends on what stats you are looking at and for what purpose. The market stats shown above are a fantastic tool to get a broad sense of what's happening in the Durham region and City of Toronto. They look at the average sale prices of different types of homes, average days on market and whether we have seen growth or decline in price year over year.
Although helpful, these stats won't give you an accurate assesment of your particular market segment. For example, in Toronto the average sale price in October for a detached home was $1,323,015.00. If you look at the area of Bridle-Path, Sunnybrook and York Mills the average selling price for a detached home in October was over $4,500,000.00. That's a huge difference. We can dive deeper and see that the lowest sold price for a detached home in this area was $1,448,000.00 and the highest was $6,850,000.00. This tells us that even within a specific geographic location there can be a wide range of values.
When determining the value of a property it is important to look at market trends in its specific area as well as what features and benefits the property has compared with others that are currently on the market or recently sold. If you have been thinking of making a move, investing in real estate or are just curious about the value of your home, dont just make assumptions based on the stats you see online. Give us a call. As professional real estate agents we study homes and prices on a daily basis and can give you an accurate assesment of your home's current value and indepth insights into your neighbourhood's distinct market.
The overall real estate market in the GTA is doing well, with more sales and an increase in prices this October than in 2018. With most areas still lacking in inventory and interest rates remaining low, the overall market will likely continue to see prices increase moving forward. Give us a call or drop us a line to find out what is happening in your neighbourhood.