The Willowdale East and West residential market report for May 2021: A drop of 4..2% from April to May of 2020
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.
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 May 2021 the average house price is $2,113,854, and the median house price is $2,065,000. There are in total 83 new listing and the number of houses sold are 30 in Willowdale East and West.
The average days to sell a house is 15 days in May 2021 compared to 46 days in May 2020.
The average price change, monthly, from April 2021 to May 2021: Drop of 4.2%
The average price change, yearly from May 2020 to May 2021: Increase of 6.3%
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 4.2% drop in average price from April 2021 to May 2021. However, when we compare May 2020 to May 2021 we see an increase of 6.3%. A drop in average price from April to May may suggest that market is heading to stabilize.
The above Graph (1) 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 Median from April 2021 to May 2021 shows a 8.6% increase in house prices which is opposite to Average house price where we saw a 4.2% drop.
The above Graph (2) shows the average sold price for the residential homes in Willowdale East and West community. The Graph shows a drop of 4.2% in house prices from April 2021 to May 2021.
The above Graph (2) shows the selling price to listing price ratio. For the last 12 months from May 2020 to May 2021, the ratio is close to 100%. 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 is reality high starting March 2021 to May 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 May 2021 is 22 and it has been starting March 2021.
Condominium Inventory February 2021
New listings: 75
the total number of NEW homes listed in this period
Homes sold: 22
the total number of homes with firm contract - not closed deals**
Average days on market: 15
the average number of days it takes to sell a home
Average selling to listing price ratio: 99.4%
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."
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