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 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.
Real estate sales in the GTA were up 21% from last year for the month of February says the most recent Toronto Real Estate Board housing market update. As multiple offers become more and more commonplace, sellers who effectively prepare, price and promote their property continue to get their asking price and more. The average sale price in the GTA spiked up to over $685,000 making for a 15% increase over last February’s average sale price of $596,320.
Mississauga and Oakville proved to be even more busy with an increase in sales for the past month of 28% and 40% respectively in comparison to the year before. The average sale price, on the other hand crept up just under 6% in Mississauga and 12 % in Oakville.
As expected, seizing the gold ring of homeownership and buying a detached home also cost more this February over last year. The average sales price in the GTA for a detached increased by 16% and landed at $909,761. West of the 416 saw an increase of just under 11% with detached homes selling at an average sales price of $889,524 in Mississauga and $1,171,571 in Oakville.
If you are considering selling or would like an updated valuation of your home I invite you to contact me. I would be happy to provide a comparative market analysis of your property. As always, our meeting is confidential and without cost or obligation to you.
A recent report from the Teranet – National Bank House Price Index indicates that the average home price in the GTA decreased in the month of January, 2016 by 0.2%. This is the first monthly decline in 11 months for Toronto although the year over year average sale price is still up 8.6% since last January. From my vantage point there is still not much inventory available in South Mississauga and Oakville, so it remains to be seen whether this most recent Teranet – NB report is a sign of things to come or only indicative of fewer high end sales during this period.
For those of you keeping track of the local real estate market the Teranet – NB monthly report is available here and more details including national and historical data are available at housepriceindex.ca
The Re/Max 2016 Housing Market Outlook is forecasting another year of gains for the GTA. In Oakville and Mississauga in particular, buyers and sellers can expect to see an increase of five to six percent in the average price in 2016.
Citing continued low inventory for single family homes, the recent study matches my own day to day experience in the marketplace. The combination of demand for move up property and low interest rates continues to drive the market.
The entire GTA report is available here and if you are considering a cross country move, the National Report can be downloaded here for your reference.
The local real estate market continues its upward stride. According to the most recent Re/Max Spotlight on Luxury Report the number of home sales in the GTA over $1 Million went up by 55% compared to last year. That’s over 2500 more sales breaking the $1 Million mark.
Price gains throughout the market and immigration into the area have combined to push the price of luxury even higher. Sales over the $3 Million mark in the GTA increased by 61% with a total of 106 more sales this year than last.
If you would like to know what the current value of your home is please contact me and I’d be happy to provide a confidential Comparative Market Evaluation. In the meantime if you are interested in the entire Re/Max report, including the rest of Canada its available here.