By Michael McCann
In the month of June this year the average selling price of a Birchcliff/Cliffside home was $515,846, which is a drop of 5.1% compared to last June’s average selling price of $543,785. In addition, this June it took an average of 22 days to sell a home whereas last June homes in our neighbourhood were being snapped up, on average, in 14 days.
Birch Cliff – Cliffside Home Sales in June 2012 – 29 homes sold
Source: Toronto Real Estate Board. Excludes commercial properties, condos and vacant land.
Fewer bidding wars
The drop in price could be attributed to the fact that there are not as many bidding wars in 2012 as there were in 2011. My thoughts are that buyers who were continually in the midst of multiple offer scenarios found that it took an emotion toll and decided not to participate if a seller’s listing price seemed as though it might attract competition.
Month over month decrease
There’s a big decrease in price ($50,000) when you look at the June 2012 average selling price compared to the May 2012 average price of $565,717, but I think it’s too soon for property owners to go into a tailspin. Remember it takes more than one month to make a trend, especially since average prices can fluctuate based on a single month’s inventory. Market assumptions need to be based on a broader and deeper pool of data.
Do your research
We’re now in the hot and hazy days of summer and typically buyers take a breather after the hectic spring housing market. However that doesn’t mean sellers have to wait for the next round of buyers coming in September. To succeed in selling or buying during the summer, you need to know your numbers – study the local housing market and, if you’re a seller, set a realistic price. And make sure your agent has a strong marketing and selling strategy to avoid having one of those houses in Birch Cliff / Cliffside that sits on the market for 90 days.
To view house sales in previous months, click on the tabs.
[tabs slidertype=”top tabs”] [tabcontainer] [tabtext]May house prices[/tabtext] [tabtext]April house prices[/tabtext] [tabtext]March house prices[/tabtext] [/tabcontainer] [tabcontent] [tab] [/tab] [tab][/tab] [tab] [/tab] [/tabcontent] [/tabs]
These statistics are based on the Toronto Real Estate Board’s designation for Birchcliff/Cliffside, which can be see on the map below.
View Birch Cliff / Cliffside in a larger map
