Willowdale East and West Condominium 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 April 2021 the average condo price is $724,673, and the median house price is $670,500. There are in total 232 new listing and the number of houses sold are 30 in Willowdale East and West.
The median days to sell a Condo is 9 days in April 2021 compared to 16 days in April 2020.
Housing Prices January 2021 as following:
The average price change, monthly, from Aril 2021 to May 2021: No price change
The average price change, yearly from May 2020 to May 2021: Increase of 6.9%
Section (1) of this report focuses on Condominium prices changes including (a) the average and median 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 of 6.9% Increase in average condo price sold from May 2020 to May 2021. The Average condo prices did not change from April 2021 to May 2021.
The above Table (2) shows the Median sold prices for condominiums in Willowdale East and West community. There is a difference between the median and average condo prices from May 2020 to May 2021: the median condo price is $52,520 lower for than the average condo price. It is commonly believed that median is a better reflection of price change. There is a 3.8% increase in median condo price in the last 12 months from May 2020 to May 2021. There is also a slight median price drop from March 2021 to April 2021.
The above Graph (1) shows the average sold prices for condominiums in Willowdale East and West community. The average sold price in May 2021 is higher than May 2020 by 6.9%. The average sold price is also higher in April 2021 by 2.1% compared to March 2021.
The above Graph (2) shows the median sold prices for condominiums in Willowdale East and West community. The median condo prices are 3.8% higher for May 2021 compared to April 2020.
The above Graph (3) shows the sold price to listing price ratio for the last 12 months from May 2020 to May 2021. The sold-to-list price ratio in May 2021 is surprisingly at 101%. 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 (4) shows the new condominium listings from April 2020 to April 2021 in the Willowdale East and West community. The number of new listings for May 2021 stands at 217 which is almost 3 times the number in May 2020. The low number of listing in May 2020 are likely due to the pandemic.
The above Graph (5) above shows the sold condos from April 2020 to April 2021 in the Willowdale East and West community. The number of sold condos in April 2021 is significantly higher, 132 condos, compare to April 2020, 33 condos. Higher sale volume for condos can perhaps be explained by the relatively stable and lower condo prices compare to house prices.
The above Graph (6) shows the average number of days to sell condos for each month from April 2020 to April 2021 in the Willowdale East and West community. On average, it takes only 9 days to sell a condo in April 2021. The average of 9 days to sell condos is the lowest number in the past 12 months indicating that the market is hot and there is a high demand for condos in the Willowdale area. The number of days to sell a condo in April 202 was 16 days.
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."
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