Willowdale Real Estate Blog
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The Willowdale Ontario residential market report JULY 2021: An average price increase of 6.5%7/21/2021
 The average MONTHLY price change from June 2021 to July 2021: Increase 6.5% The average YEARLY price change, from June 2020 to July 2021: Increase 2.6% Willowdale East and West Ontario residential market report, July 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 $2,186,719 and the median house price is $1,849,513 There are in total 50 new listing and the number of houses sold are 22 in Willowdale East and West. The average days to sell a house is 23 days. The average MONTHLY price change from June 2021 to July 2021: Increase 6.5% The average YEARLY price change, from June 2020 to July 2021: Increase 2.6% 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 Ontario community. There is 6.5% increase in average price from June 2021 to July 2021. Looking at a yearly bases, there is also price increase of 2.6% from July 2020 to July 2021.  The above Graph (1) is plotted using the data from Table 1. Graph shows the average sold price for the residential homes in Willowdale East and West community. The Graph shows a increase of 6.5% in average house prices from June 2021 to July 2021.  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 June 2021 to July 2021 shows an increase of 6.6% in house prices. The yearly Median price from June 2021 to July 2021 also shows a big drop of 16.6% 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%. 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, 50, in July 2021. Starting March 2021, the number of new listings have been dropping continuously - low number of new listings and inventory is likely driving the prices higher.  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 22, which is relatively low. Summary: New listings: 50 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: 23 the average number of days it takes to sell a home Average selling to listing price ratio: 99.0% 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."  AuthorThe 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 Comments are closed.
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