By Michael McCann
September did not deviate from previous months in that Birchcliff remains a strong seller’s market.
Almost any new listing that came onto the market saw home owners holding back the consideration of offers for at least a week.
It’s a very deliberate strategy in order to position themselves for a potential multiple offer scenario. And why not? With demand from buyers being what it is you could get between 5 and 10 per cent more than your asking price.
We might be experiencing cooler weather but I suspect the October statistics will continue to show a strong seller’s market. We may be seeing the price of gas dropping at the pumps, but don’t expect this trend to be mirrored in our housing market.
Buyers looking to close before winter
Those sellers who price their homes at true market value can expect to get asking price or better. On the other side, however, those sellers who list at an overinflated price can expect longer days on market as well as a reduced selling price. Buyers are pretty astute in their knowledge of the housing market and are not easily fooled. If a house shows well and is priced accordingly, then as a seller you will connect with the right buyers.
I would expect to see continued robust sale prices for the month of October with numbers similar with those experienced in September. Buyers are looking to close a deal before winter, and are therefore actively looking to buy.
Birchcliff – Cliffside Home Sales in September 2014 – 22 homes sold
Source: Toronto Real Estate Board. Excludes commercial properties, condos and vacant land.
Birchcliff/Cliffside
- September 2013 we had 29 homes sold while September of this year 22 homes changed hands – a 25% decrease
- September of 2013 the average sold price was $587,672 while September 2014 the average sold price came in at $743,616 – an increase of 26% (I will be talking about this)
- September 2013 it took on average 29 days to sell a home and in September 2014 it took 12 days .
Toronto Real Estate Board
- 7,257 sales in September 2013 with September 2014 showing 8,051 sales – Up by 10.9%
- $532,455 average selling price September 2013 with September 2014 coming in at $573,676 – Up by 7.7%
- September 2013 it took an average of 27 days to sell a home where September of this year it took 25 days
I am numbers guy and I want to clarify one thing about this month’s house statistics.
What concerns me is the high-end sale of $2,183,000 because it’s skewing our average prices higher than they should be.
What I want to show you is what I believe is a more accurate picture of our housing market. When you remove the high-end sale it puts our average sold price for the September to $675,074. This is a much more realistic number as it shows a 15% increase year over year, which is a truer reflection of market growth.
For a look at local real estate statistics over the last few months, click on the tabs.
[tabs slidertype=”top tabs”] [tabcontainer] [tabtext]August[/tabtext] [tabtext]July[/tabtext] [tabtext]June[/tabtext] [tabtext]May[/tabtext] [tabtext]April[/tabtext] [/tabcontainer] [tabcontent] [tab]Birchcliff – Cliffside Home Sales in August 2014 – 23 homes sold[/tab] [tab]Birchcliff – Cliffside Home Sales in July 2014 – 37 homes sold [/tab] [tab]Birchcliff – Cliffside Home Sales in June 2014 – 36 homes sold [/tab] [tab]Birchcliff – Cliffside Home Sales in May 2014 – 43 homes sold[/tab] [tab]Birchcliff – Cliffside Home Sales in April 2014 – 37 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
