The Willowdale East and West residential market report for April 2021 Shows 8.8% increase from April of 2020
Willowdale East and West residential market report, April 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 source of data for this report is Toronto Real Estate Board, Multiple Listing Service MLS®.
The data is for the period of 28 days from 28 days in April 2021.
In April 2021 the average house price is $2,156,367, and the median house price is $1,920,000. There are in total 83 new listing and the number of houses sold are 30 in Willowdale East and West.
The median days to sell a house is 11 days in April 2021 compared to 24 days in April 2020.
Housing Prices January 2021 as following:
The average price change, monthly, from May 2021 to April 2021: No significant change
The average price change, yearly from April 2020 to April 2021: 8.8% Increase
Section (1) of this report focuses on residential prices including (a) the average and median sold prices in April 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 no significant increase with in the 28 days period from March 2021 to April 2021. However, when we compare April of 2020 to April of 2021 we see an increase of 8.8%. The 8.8% or $175,923.00 is a significant increase for a period of 12 months, indicating that we are still in sellers' market with low supply and high demand.
The above Table (2) shows the median sold prices for residential homes in Willowdale East and West community. The median house price is 12.3% lower than the average house prices. It is believed that median is a better indication of price change. However the price movement is very similar for between median and average price. Similar to average sold price, there is no significant increase with in the 28 days period from March 2021 to April 2021. Contrary to average sold price, we do not see significant price increase from last year April of 2020 to this year April of 2021. The average price showed and increase of 8.8%.
The above Graph (1) shows the average sold price for the residential homes in Willowdale East and West community. The Graph clearly shows no significate price increase for April 2021. However, we can see a significant price increase of 8.8% from from last year April 2020.
The above Graph (1) shows the median sold price for the residential homes in Willowdale East and West community. The Graph clearly shows no significate price increase for April 2021. Contrary to average sold price stats, the median sold price for April 2020 and April 2021 shows a very small change.
The above Graph (2) shows the selling price to listing price ratio. For the last 15 months from January 2020 to April 2021, the ratio is close to 100%. The ratio for April 2021 is one of the highest at 98.8%. 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, April 2020, is the lost number for the past 16 months likely because of the pandemic. The number of new listings has increased significantly in April 2021 to 83 houses.
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 April 2021 has is 30 which is lower than number of houses sold the month before March 2021, at 46. Only 9 houses were sold in April 2020 likely because of the pandemic.
Condominium Inventory February 2021
New listings: 83
the total number of NEW homes listed in this period
Homes sold: 30
the total number of homes with firm contract - not closed deals**
Average days on market: 11
the average number of days it takes to sell a home
Average selling to listing price ratio: 98.8%
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.
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."
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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: email@example.com or by phone: 416.990.2424