The real estate statistic for the Parkwoods-Donalda area are very interesting.
Monthly we are reporting the number of sales, highest price and lowest price, median price of different styles of homes and how many homes are for sale right now in Parkwoods-Donalda.
In comparing the number of sales from December 2022 to the month before (November of 2022) there were 37.5% fewer homes sold. In December of 2021 four times as many homes were sold.
Usually December is a little slower in terms of Real Estate transactions since buyers and sellers rather concentrate on the festive season. But that not a single detached home sold is very rare.
The median price of a semi detached house dropped by 8.86 % and that of a condo by 12.55%.
December of 2021 and the next two following months set records high selling prices in all style of homes sold in the area. For an example the average selling price of a semi was 21.21% higher in December of 2021 than December of 2022.
Surely the economy with rising living costs and the many interest rate hikes ( 7 time from 0.25% to 4.25% in 2022) play a huge role.
BUT - remember the rule a supply and demand? Notable is that there is very low inventory in the area. There are no townhomes or semis for sale. Again a year ago that fact would drive up prices and multiple buyers would bid on each new listing. The buying power of home buyers was decreased by the rising interstates significantly. Still the dream of home ownership is very much alive and those buyer qualified may take advantage of the market right now.
Lastly - time itself has a big value. No one can tell with certainty how long it will take to see the selling numbers of the beginning of 2021 again. It may take years. If you are buying and selling in the same market - you will sell you home for less than it was worth a year ago but you also buy your future home for less money than it would have been a year ago.
But what about if you wanted to move out of Toronto, move closer to family and rent a home? Yes, knowing for how much you could have sold a year ago is painful, but putting your plans on hold until the prices are back may take too long and the price you will pay is precious time.
Whatever your situation may be, let’s chat. You can count on us giving you good advise that is best for you. Give us a call 647-297-9700.
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