Including: Annex, Casa Loma, Wychwood and Yonge-St. Clair
69 detached, semi-detached and attached houses were sold in Midtown Toronto (the Annex, Casa Loma, Wychwood and Yonge - St. Clair) in the first quarter of 2017, at an average of $2,015,142.
As compared to the first quarter of 2016, sale numbers were lower by 4%, while the average price rose by 40.9% from $1,430,303 to $2,015,142.
Toronto still experienced a significant shortage of real estate listings, and competition between prospective buyers led to many bidding wars. 67.1% of sales received more than the listing price, 4.1% sold for the full asking price, and 28.8% sold below. Two firm sales fell through before closing. In one case, where the house sold firm in just two days, the sale fell apart after just over two weeks. In another, the house was sold firm in 10 days, and the sale was supposed to close in three months, but failed to close.
Only four listings sold with bully offers. Two homes were sold on the same day they were listed. Three listings sold in one day. 58.9 percent of listings sold within a week, 79 percent of these sold above asking. It took 100 days to sell a fairly narrow detached house, built in 1910, located in the Annex. It was listed with an asking price of $1,499,000 and eventually sold for $1,388,000. The fact that it was not available for viewings on weekends might have extended the marketing time.
Average price of detached homes increased, on a year-over-year basis, by just over 45%, to $2,121,994, price of semi-detached houses rose by 37.5% to $1,989,973, and the average price of attached houses rose by just over 11%, to $1,500,000.
The lowest price, $815,000, was paid for a 2-storey renovated semi on a busy street near Christie and Davenport. That house was sold in 6 days with multiple offers and received 110% of the listing price. The highest, $4,350,000, was paid for a modern renovation of a two storey detached Casa Loma house built in 1949. That listing required 81 days to sell.