The Willowdale East and West real estate market report for March 2021 Shows 17.5% increase from March of 2020
Willowdale East and West residential market report, MARCH 2021
This report contains two sections (1) data related to price (2) data related to inventory. The residential inventory (supply and demand) and price have a direct relationship. Hence, These parameters are crucial to understanding of the overall residential market.
The January 2021 Willowdale MLS® stats indicate an average house price of $2,196,521 and 87 new listings in the last 28 days.
As of today, Willowdale housing data shows median days on market for a home is 29 days.
Housing Prices January 2021 as following:
Monthly change in price January 2021 to March 2021: 12% Increase
Yearly change in price March 2020 to March 2021: 17.5% Increase
Section (1) of this report focuses on residential prices including (a) the average sold prices in March 2011 (b) average selling to listing price ratio
The above Table (1) shows the average sold prices for residential homes in Willowdale East and West community. There is an increase of 12% from Feb 2021 to Mar 2021. The increase of 12% is significant for a single month; this could be because of (1) seasonal increase in price (2) price increase in the market. The yearly change from Mar 2020 to Mar 2021 shows a significate increase of 18% ($385,293).
The above Graph (1) shows the average sold price for the residential homes in Willowdale East and West community. The Graph clearly shows the significate price increase for Mar 2021. It is the highest price in the past 15 months. We can even see a significant price jump from Feb 2021 to Mar 2021.
The above Graph (2) shows the selling price to listing price ratio. For the last 15 months from Jan 2020 to Mar 2021, the ratio is close to 100%. The ratio for Mar 2021 is one of the highest at 98.2%. The data above indicate that most homes are priced at the market value, and the demand for the houses is still extreme since most homes are sold close to the asking price.
*Understanding the average sold price
Average Sold price may vary drastically in the short-term from month to month for two main reasons.
(1) the mix of sold homes changes; for example, one month, more high-priced homes are sold; hence, the average sold price is skewed to a higher number. If you have more lower-priced homes are sold in one month, the average sold price will be lower for that month.
(2) The change in the market condition where overall homes are sold more hence pushing the average sold price higher, or vice versa.
Section (2) contains information regarding inventory including (a) the new residential listings yearly, (b) the sold residential yearly (c) Months of Inventory (d) days on the market
The above Graph (3) shows the new residential home listings for each month of 2020 - 2021 in the Willowdale East and West community. The number of new listings for the last year, Mar 2020, was 63 and dropped sharply in April 2020, most likely due to the pandemic. The number of new listings has increased significantly in March 2021 to 87 houses. The number of new listings has almost doubled from Feb to Mar 2021.
The above Graph (4) above shows the sold homes for each month of 2020 - 2021 in the Willowdale East and West community. The number of sold houses in Mar 2021 is significantly higher, 36 houses, compare to Mar 2020, 16 homes. Such a big difference is likely because of the pandemic.
Condominium Inventory February 2021
New listings: 87
the total number of NEW homes listed in this period
Homes sold: 36
the total number of homes with firm contract - not closed deals**
Average days on market: 29
the average number of days it takes to sell a home
Average selling to listing price ratio: 98.2%
the ratio = average listing prices / average sold prices
Months of Inventory: 1
the number months it takes to sell off all the active listing homes in the market
Months of Inventory (the number of months it takes to sell off all the active listing homes in the market)
The months of inventory continues to be lower than four months for the period, last 15 month. The data shows that demand is much stronger than supply, and there are not enough houses in the market. Hence, sellers are still enjoying the strong market, referred to as Seller's Market. The strong demand and lower supply are still driving the prices higher.
Learn more about the Month of Inventory
Understanding this report
This report is the home price and inventory for the three communities, Willowdale East, Willowdale West, and. The data provided here help you make a well-informed decision about where you'd like to live.
**Why do we use firm contract numbers instead of closed deals?
To obtain the most updated stats, we use the firm contract - NOT when the transaction is reported or when the deal closes.
A contract is firm when both the home seller and buyer agree to the transaction.
Why use periods of 28 and 56 days?
We use 28 and 56 day periods because some months have more weekends, ensuring that each period has the same amount of days and weekends to make a like-for-like comparison.
What does pro-rated data?
It can take up to four weeks or more for transactions to be reported based on historical reporting. Almost 30% of home transactions within this period have yet to be included in this report. Hence this period's numbers are considered "pro-rated."
The above Real Estate article was provided by David Khosravi, a leader in his field in North York, Willowdale Real Estate, Reach out to David via email: firstname.lastname@example.org or by phone: 416.990.2424
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