Episode 218 of the Toronto Real Estate Musing daily video blog.
This is your TREB district E02 market update for Week 28: Monday, July 12, 2010 to Sunday, July 18, 2010. Since George O’Neill is currently in New Brunswick, he decided to film this update in front of Head Hall, his old Engineering faculty stomping grounds at the University of New Brunswick in Fredericton.
Currently for sale are 143 freehold properties and 24 condominiums. This is about the same as two weeks ago, at 140 and 23 respectively, but significantly more than last year at this time.
Sold last week were 4 freeholds and 1 condo. Two weeks ago, 5 freeholds and no condos were sold in that week. However, in 2009 during this same week, 15 freehold homes and 3 condos were sold. This year, freehold sales down about 70% compared to last year at this time.
The median sold prices for these homes last week were $370,500 and $390,000 for freeholds and condos, respectively. Compared to 2009, where the sold prices were $542,000 and $360,218, this may appear that freehold property prices have fallen this much – however, as fewer properties have been sold this year and those that did sell are at a lower price bracket than those last year, the statistics show an unusually low number. For condos, prices are up about 8% this year over last year, but again we need to be cautious of this figure because of the low number sold.
Finally, we report on the median asking prices are currently $529,000 for freeholds and $481,950 for condos.
What does this all mean? The market is slowing down, however properties continue to sell. If you are selling your home, it’s important to have your property in good shape, priced to sell, and to leave the door open to negotiations.
Note: This data was obtained from the Toronto Real Estate Board and analysis was performed by O’Neill Real Estate Limited, and no decisions should be based on this data without prior consultation with their own real estate agent or legal representative.
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