The Stern Report
The freehold real estate market did not behave in a traditional manner last year. Usually the spring market gears up in February and by mid May it starts to wind down for the summer. Instead the spring market got into high gear a little later than usual and, contrary to all the negative predictions by the know-it-alls, the market remained strong throughout the summer, into the fall months and even up to December. 2013 was the year of the seller once again!
# Of Houses Sold Graph
It’s interesting to note that unit sales increased a whopping 26.4% in Allenby in 2013 but decreased 26.5% in Lytton Park. Considering that the natural progression for move up buyers in Allenby is to move to Lytton Park, where did Allenby sellers move to? Usually they would also consider moving to either Forest Hill, Upper Forest Hill or Chaplin Estates but these areas had decreases in unit sales too. So it could mean that some Allenby sellers cashed out, moved out of these usual areas of progression or moved to condos.
Regal Heights experienced a 110% increase in unit sales in 2013. We have noticed that builders/renovators have moved into Regal Heights because it offers very good value and buyers are finally taking note of this area and everything it has to offer.
Unit sales in Hillcrest Village remained stable and it's still one of the most popular areas (in central Toronto) for properties priced under a $1 million.
% Of Houses Sold Above List Graph
The number of houses that sold above the list price was lower in most areas in 2013 except Regal Heights and Allenby which had a slight increase. Properties in Hillcrest Village and Regal Heights were the most popular experiencing the highest level of buyer activity resulting in over half of all properties selling above the list price. Overall the percentage of properties that sold above the list price is still very high clearly reflecting a market in favor of sellers in 2013.
Average Days On The Market Graph
The average days on the market remained stable except Lytton Park and Regal Heights which saw properties selling much faster than in 2012. Lytton Park properties sold faster potentially reflecting the unusually high demand from Allenby sellers looking to move up as reflected in the high unit sales in Allenby in 2013.
Average Sale Price Graph
The most significant change in the average sale price took place in Cedarvale (up 25%). One of the contributing factors was the upward pressure on prices resulting from the demand from families who want to send their children to the state of the art Leo Baeck Day School.Lytton Park was up 15%. One potential factor is the low supply of properties for sale considering the demand from Allenby buyers and others looking to move up to this area. Lytton Park still offers great value for 40 or 50 foot lots and is still much more affordable than neighbouring Lawrence Park or Forest Hill.
The average sale price in Forest Hill came down slightly reflecting a healthy supply of homes for sale over $2.5 million.
Regal Heights experienced a 21% increase reflecting the renewed popularity of this area. This lovely family friendly neighborhood is ideally situated smack in the middle of Hillcrest Village and Corso Italia infusing the area with diverse culture. I have been promoting this area as up and coming for over 10 years and this well deserved prediction has finally come to fruition.
The average sale price in Hillcrest Village reflects that the real estate industry's reference to its boundaries has expanded west to Oakwood Avenue and north to Vaughan Road which includes more lower priced homes than other subject areas. Nevertheless, a house on one of Prime Hillcrest Village's many coveted streets like Hillcrest Drive or Humewood Drive could have a market value upwards of 2 million dollars depending on its offerings.