Willowdale East and West condominium market report, MARCH 2011
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 March 2021 Willowdale MLS® stats indicate an average condominium price of $709,361 and 181 new listings in the last 28 days.
As of today, Willowdale condominium data shows median days on market for a home is 12 days.
Monthly change in price March 2020 to March 2021: 1.9% Decrease
Yearly change in price March 2020 to March 2021: 5.7% Decrease
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 condominiums in Willowdale East and West community. There is a modest decrease of 5.7% decrease in average condo price sold from March 2020 to March 2021. There is also a slight decrease of 1.9% in the average sold condo price from Feb 2021 to March 2021.
The above Graph (1) shows the average sold prices for condominiums in Willowdale East and West community. The average sold price in March 2021 is lower than March 2020 by a modest 5.7%. The average sold price is also lower in March 2021 compared to Feb 2021. The decrease in average sold price is not significant, and it is safe to say that demand is still strong for condos in Yonge and Sheppard area.
The above Graph (2) shows the sold price to listing price ratio. For the last 15 months from Jan 2020 to Mar 2021. The ratio is generally highest in the past 15 months. The sold-to-list price ratio in March 2021 is almost unchanged from March 2020. The data shows that most of the condos on the market are priced at the market value. It also indicates demand is still strong for the condos selling primarily at the listing 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 condominium listings from Jan 2020 - Mar 2021 in the Willowdale East and West community. The number of new listings for the last year, Mar 2020, was 136, and it had a modest increase to 181 in Mar 2021. The new condo listings are on the increasing trend since Dec 2020.
The above Graph (4) above shows the sold condos from Jan 2020 - Mar 2021 in the Willowdale East and West community. The number of sold condos in Mar 2021 is significantly higher, 156 condos, compare to Mar 2020, 93 condos. Higher sale volume for condos can perhaps be explained by the relatively stable and lower condo prices than house prices.
The above Graph (5) shows the average number of days to sell condos for each month from Jan 2020 - Mar 2021 in the Willowdale East and West community. On average, it takes only 12 days to sell a condo in March 2021, indicating that the market is hot and there is a high demand for condos in the Willowdale area. The number is very similar to the average number of days sold in Mar 2020.
Months of Inventory (the number of months it takes to sell off all the active listing homes in the market)
The months of inventory continue to be less than 4, indicating demand is much stronger than supply. There are not enough condos in the market to offset the demand. 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."
See more market report
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: firstname.lastname@example.org or by phone: 416.990.2424