Summer has brought the sunshine and a welcome upturn in temperature, but the red hot Port Credit real estate market shows signs of balancing. New listings during Q2 2017 where up in a big way and sale prices increased, but the rate of sales did not keep pace.106 new listings came on the market in Port Credit in Q2 2017 providing 60% more options than the 66 new listings during the same time period in 2016, and 49% more than the 71 new listings in Q1 2017. Year-to-date as of June 30, 2017, 177 new listings had come on the market in Port Credit. An increase of 40% more than the 126 new listings during the same period year-to-date in 2016.
Despite the surge of inventory, the sales to new listings ratio dropped from 55% in Q1 2017, to 41% of new listings in Q2 2017 resulting in a sale. A 30% drop from last year’s feverish spring market of Q2 2016 which saw 71% of new listings lead to a sale. Although the total of 43 sales in Q2 2017 was up by 10% from the 39 sales in Q1 2017, it was down by 8.5% compared to Q2 in 2016, despite having 40% more new listings than last year. Overall for the year to date as of June 30, 2017 the 177 new listings have translated into 82 sales. Only two more than the 80 sales year-to-date for the same period in 2016.Average and median sale prices where up. Thirteen detached and five in-fill semi-detached home sales helped push the average sale price up to $1,124,079 in Port Credit for Q2 of 2017. Thats almost 25% more than the $900,410 average sale price during the same period of 2016, and over 20% higher than the $930,746 average sale price seen in Q1 2017. Year-to-date at June 30, 2017 the average sale price in Port Credit broke the Million dollar mark at $1,027,412.50. Again, up by almost 15% compared to the average sale price of $894,984 for the same period year-to-date at June 30, 2016.
The 18 combined sales of detached and infill semi-detached homes in Q2 2017 also raised the median sale price up to $1,125,000. An increase of over 28% above the median sale price of $875,000 during the same time period in 2016. However, a larger sample size of YTD numbers at June 30, 2017 reveals a more moderate median sale price of $888,000. An increase of 5% over the median sale price of $845,000 for the same time period in 2016.
If you would like a full breakdown of the Port Credit sales activity in Q2 2017 by property type, please contact me and I would be happy to send you a copy.
Happy house hunting!
Fewer listings and sustained demand combined to create a brisk start to the real estate market in Port Credit for 2017.
On average, during the first quarter of 2017, homes in Mississauga’s jewel on the lake where selling in 14 days and for 105% of list price. Thats 42% faster than the 24 days it took on average one year ago, and over 7% more than the already impressive 98% sale/list price ratio experienced during the same time in 2016.
The Toront Real Estate board reported the sale of 31 properties made up of 5 detached, 2 semi-detached, 13 townhouse and 11 condo apartments. Although that figure is down from the 37 sales in the previous quarter of 2016, it kept pace almost exactly with the 32 sales reported for the same time period in 2016.
The full breakdown of activity is available here in my Port Credit Market Update for Q1 2017.
Lower inventory and increased demand pushed the average sale price in Port Credit up by 12% to over $950,000 in 2016. Overall, properties in Port Credit where being purchased in almost half the time it took in 2015, and 151 sales where recorded on The Toronto Real Estate Board last year.
The largest average sale price increase was found – not suprisingly – in a small, but increasingly attractive segment of the local market. The recent infill development of new semi-detached homes in the Shawnmarr and Credit Grove neighbourhoods contributed to this property type recording 6 sales and seeing the largest gain in both average and median sale prices in 2016: up almost 25% in the former to $1,232,567, and over 21% in the latter to $1,187,500.
Along with semis, every other residential resale category saw an increase in average sale price and all but one, condo townhouses, saw an increase in median sale price as well. A busy year in the more affordable pocket of Shawnmarr Rd. saw 18 sales contribute to an overall townhouse median sale price decrease of 31% in Port Credit. This adjustment from last year brought the median townhouse sale price to $555,000 in 2016 and the average sale price for this type of property was over $850,000.
The crown jewel of homeownership – a detached home – saw an average sale price increase of 13% to $1,177,536 in 2016.
The full Port Credit 2016 Annual Real Estate Review is availabe here.
Lower inventory in the Port Credit real estate market over the third quarter of 2016 has resulted in 43% fewer sales as compared to the same time period last year. Statistics from The Toronto Real Estae Board reveal that demand is heading in the other direction though.
Properties sold after an average of 17 days on the market between July and September. Thats over over 60% faster than the 44 day average sale time during the third quarter of 2015.
The Port Credit Q3 2016 Market Update can be found here. If you have questions about finding your home along the GTA Lakeshore West please contact me. My inbox is always open!
Summer might be over soon, but the Real Estate market in the GTA is not cooling off. The end of August marked a seventh straight monthly gain in the GTA and the average sale price has more than doubled since June of 2005 says the most recent Teranet – National Bank House Price Index report. The report goes on to say that the year over year average sale price increase in the GTA was over 14.5%.
Closer to my own home in Port Credit the gains have been even higher. As of the end of the 2016 second quarter the average sale price in Port Credit is up over a staggering 27% year over year and the median price is not far behind at an over 24% increase.
Whether these continual and substantial gains in our local market are for the better or worse is another important conversation, but one thing is for sure. A lot of people want to own property in the GTA and they are willing to pay keep paying extra for it. It is also becoming clear that the secret is out about Port Credit and I am not the only person who might beleive that living here might be worth even more.
If you would like to read the Teranet report it can found here. For those of you considering a move to Mississauga’s jewel on the lake, my 2016 Q2 Port Credit update is available here.