By Michael MCann
What a roller coaster year!
The 2012 local housing market kicked off at a robust and healthy pace and staggered to an unimpressive finish.
What started as a seller’s market closed out the year as a balanced housing market.
In a month-to-month comparison of December 2011 and December 2012, the average days on market in December 2011 were 17 compared to 36 days in December 2012. Monthly neighbourhood house sales were statistically even with 10 sales in December 2011 and 11 in December 2012.
In 2013, Birchcliff/Cliffside will not be immune to what is being forecast. Our housing market is definitely transitioning from a seller’s market (where demand exceeds supply) to a balanced market (where demand equals supply).
Birch Cliff – Cliffside Home Sales in December 2012 – 11 homes sold
Source: Toronto Real Estate Board. Excludes commercial properties, condos and vacant land.
So what’s in store for Birch Cliff/Cliffside?
- The days of multiple offers will be the exception not the rule.
- More one-on-one buyer and seller negotiations, with both parties working to a mutually acceptable agreement
- Buyer conditions will once more be an integral part of any purchase
- Traditional home prices will hold their value while resale condominium prices may soften
For the doomsday crowd, don’t expect a massive drop in our housing values. Even though we are experiencing a decrease in the number of listing/sold homes, overall prices continue to hold their present value.
[tabs slidertype=”top tabs”] [tabcontainer] [tabtext]November[/tabtext] [tabtext]October[/tabtext] [tabtext]September[/tabtext] [tabtext]August[/tabtext] [tabtext]July[/tabtext] [tabtext]June[/tabtext] [tabtext]May[/tabtext] [/tabcontainer] [tabcontent] [tab]Birch Cliff – Cliffside Home Sales in November 2012 – 27 homes sold [/tab] [tab]Birch Cliff – Cliffside Home Sales in October 2012 – 19 homes sold\ [/tab] [tab]Birch Cliff – Cliffside Home Sales in September 2012 – 19 homes sold\ [/tab] [tab]Birch Cliff – Cliffside Home Sales in August 2012 – 27 homes sold\ [/tab] [tab]Birch Cliff – Cliffside Home Sales in July 2012 – 23 homes sold\ [/tab] [tab]Birch Cliff – Cliffside Home Sales in June 2012 – 29 homes sold\ [/tab] [tab]Birch Cliff – Cliffside Home Sales in May 2012 – 28 homes sold\ \[/tab] [/tabcontent] [/tabs]
According to the Toronto Real Estate Board, our local housing market is defined as Birch Cliff/Cliffside and the boundaries can be seen below.
View Birch Cliff / Cliffside in a larger map
