The Willowdale East and West residential market report for JUNE 2021: A price drop of 5.7% from May 2021 to JUNE of 2021

The average house price is $2,052,597 and the median house price is $1,735,000

Willowdale East and West residential market report, May 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. ​

​Brief Summary

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.

The average house price is $2,052,597 and the median house price is $1,735,000

There are in total 59 new listing and the number of houses sold are 36 in Willowdale East and West. 

The average days to sell a house is 18 days.
​
The average MONTHLY price change from May 2021 to June 2021: Drop of 5.7%

The average YEARLY price change, from June 2020 to June 2021: Drop of 1.4%
​
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 5.7% drop in average price from May 2021 to June 2021. Looking at a yearly bases, there is also price drop 1.4% from June 2020 to June 2021. 

​The above Graph (1) shows the average sold price for the residential homes in Willowdale East and West community. The Graph shows a drop of 5.7 in house prices from May 2021 to June 2021. We can see a price decline for two consecutive months of May and June.

The above Graph (2) shows the median sold prices for residential homes in Willowdale East and West community. It is believed that median is a better indication of price change. The monthly Median price from May 2021 to June 2021 shows a big drop of 22% in house prices.  The yearly Median price from June 2021 to June 2021 also shows a big drop of 23% in house prices.

The above Graph (2) shows the selling price to listing price ratio. For the last 12 months from June 2020 to June 2021, the ratio is mostly close to 100%, however of the month of June it drops slightly to 95%. The data above indicate that most homes are priced at the market value, and the demand for the houses is still high but maybe slowing down.
​
*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. Three were a moderate number of new listing, 59, in June 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 June 2021 is 36, which is a average number for the Willowdale community. 


Summary:

New listings: 59
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: 18
the average number of days it takes to sell a home

Average selling to listing price ratio: ​95.0%
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."​

​See more market report

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Author

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: drdavidkg@gmail.com or by phone: 416.990.2424
Are you thinking of selling your home? I will be glad to share my marketing strategies with you.