Real Estate activity in Port Credit for the year of 2017 was a tale of two markets.
The intense demand during the first half of 2017 produced 82 sales at an average sale price of $1,027,412. Listings where selling for 102% of list price and taking just under two weeks to sell on average. Fast forward to the six month period ending December 31, 2017 and these four benchmarks had all trended down. The last six months of 2017 saw 61 sales at an average sale price of $910,969, and these properties took 25 days to sell on average.
The same balancing pattern was found in the overall average list to sale price ratio as it dropped to 96% for the last six months of 2017. On average, during this time frame condo apartments where generating a sale at 98% of list price and townhouses at 97% of list while detached home listings produced a sale at 94.5% of list price on average.
By the time the year was over, the Port Credit real estate market saw 324 new listings come on the market on The Toronto Real Estate Board. However, this six year high in listings also produced a six year low sales to new listings ratio with 44% of new listings resulting in a sale.
Despite the fact that a lower percentage of listings generated a sale, the overall annual trend in sale prices continued to increase.
2017 saw the overall average sale price rise by 3% from 2016 to $969,190 for 2017. Detached houses saw the largest annual increase of any property type as the average sale price hit $1,440,500. With only six out of thirty five detached home sales selling for under one Million dollars, the brass ring of home ownership in Port Credit cost over 21% more on average than it did in 2016.
All that our neighbourhood has to offer continues to make Port Credit a destinantion of choice for home buyers.
For help finding your home in Port Credit or along the Lakeshore West, I invite you to contact me here.
For a more detalied report on detached home sales in Port Credit in 2017 click here. Townhouse activity can be found here, condo apartments here and semi-detached home sales activity can be found here.