Including: Bedford Park, Forest Hill North, Lawrence Park and Englemount
All property types
For all types of property in North Toronto, first quarter of 2017 was, again, characterized by a shortage of active listings and competing offers leading to an increase in prices. Average ratio of sold to list price was 110.6%, and that included condominium sales. For detached houses it was 111%, 115.7% for semi-detached, and 116% for freehold townhouses.
On a year-over-year basis, again for all property types, prices increased by 13.1%. That is a significant amount, albeit less than 20.9% in the last quarter of 2016. We had 5% fewer new listings, active listings were significantly lower, by 24.3%. And the average time required to sell a house or condo was two weeks, lower by three days from the same period of 2016.
Average prices of detached homes rose by 32.9%, and the average price for semi-detached houses was 43.8%, although with only six semis sold, that increase is likely due to the size or quality of homes sold.
With an exception of Englemount, where attached houses (townhouses) sold, on average, at full listing price, all freehold home categories in all five communities were selling, on average, above listing price. Most houses were still being priced competitively, and, while some listings did not post offer dates, bidding wars and bully offers were common. 24 listings, same as in the last quarter of 2016, were sold with bully offers.
27% of listings sold below asking, and 7% received full asking price. The highest percentage above asking, 193%, was paid for a sweet 2-bedroom bungalow on a 50 by 115 feet lot lot at Avenue Road and Wilson. It was listed with an asking price of $1,199,900, and sold for $2,310,000. That is $1,110,100 over asking!
The lowest percentage of the listing price, 88% (or $198,000 below asking price), was paid for a 1947 bungalow listed in mid-November for $1,598,000. Interestingly, that house received less than its assessed value of $1,663,000.
66.4% of listings were sold within the first week of market exposure. Ten (or almost 11%) of the listings sold in the first week did not receive full price. Three houses were sold on the day listing was signed, another six took only one day to sell, and the longest time, 120 days, was needed for a bungalow on Lawrence Avenue with a 25 feet lot, listed in the first week of November.
Fifty detached houses were reported sold in the first quarter of 2017. The average price was $2,205,309. The average time required to sell was 13 days, ranging from zero to 120. The lowest price was $1,096,000, paid for a 2 bedroom renovated bungalow with one bathroom and no parking, located on a busy street. The highest, $3,930,000, was paid for a new, custom built home on a deep lot. That listing took three weeks of marketing time and sold for 99% of the original listing price.
Twenty three detached homes and one semi-detached were sold in Engelmount in the first quarter of 2017. The average selling price for the detached houses was $1,764,876, and the semi sold for $1,318,000. 57.7% of houses sold above asking. The lowest percentage, 94%, was paid for a 1998 built residence on a 50 by 140 feet lot at Bathurst and Glencairn. The highest, 163%, was paid for a 2 bedroom bungalow in the same area, listed aggressively under one million and sold for $1,611,500.
Forest Hill North
One townhouse and eleven detached homes were sold in the area, at an average price of $2,475,000. Five sold below asking price, seven above. Townhouse sold for $820,000. Out of the detached homes, the lowest price, $1,430,000, was paid for a 3 bedroom bungalow advertised as an ideal building lot. The owners received a preemptive (bully) offer one day before the date set for offers, and it sold for $106% of the asking price after only three days on the MLS system. The highest price, $2,950,000, was received for a renovated, beautifully staged residence on 50 feet south facing lot. That house took only two days to sell, with no date set for receiving offers.
Lawrence Park North
Twenty two detached and five semi-detached houses were sold in Lawrence Park North in the first three months of 2017. The lowest price, $1,080,000, was paid for a renovated 3 bedroom semi in John Wanless school catchment. The highest, $2,875,000, was received for a newly built modern residence close to Wanless Park.
Twenty listings were sold within one week, another three in eight days. The longest time required for marketing was 83 days, for a modern custom build house. The lowest percentage, 94% of the listing price, was paid for a renovated two bedroom bungalow. The highest, 163%, for an two bedroom bungalow with front pad parking, listed just under 1 million, and sold for $1,623,000, with multiple offers.
Lawrence Park South
27 detached homes were sold in Lawrence Park South for an average price of $3,075,639. One was sold on the day the house was listed, three in one day, three in two days. Twenty of the listings sold within the first week, three in up to fifteen days. The longest time on the market was 103 days for an executive residence located in the heart of Lawrence Park on a 75-feet lot, and listed in November 2016 above 5 million. That was the house which received the lowest percentage of the list price, 90%. The highest, 149%, was received for a two storey four bedroom house on a 40 by 163 feet lot, listed just over two million and sold $1,065,000 higher.