Including: Bedford Park, Forest Hill North, Lawrence Park and Englemount
With new listings down by 24.4% and existing listings inventory down by 47%, it comes as no surprise that the limited number of houses available for sale did not match the number of prospective buyers. As the result half of the sales posted on MLS system were sold in multiple bids and received more than the listing price.
Average prices of detached homes rose by 24.4%, and the average for semi-detached houses was up by a whooping 53.6%, although with only eight semis sold that number is likely inaccurate.
On average all freehold home categories in all five communities were selling above listing price. Most houses were being priced competitively, bidding wars and bully offers were a fact of life. 26 listings were sold with bully offers.
Not all the listings were priced to encourage competition among buyers, and 40.8% of listings sold below asking, while 9.2% received full asking price. The highest percentage above asking, 152%, was paid for two properties. Both were bungalows on 50 by 140 feet lots, both were listed just under one million, both sold for about $520,000 more, and - very likely - went to builders.
The highest amount of money paid over asking was received for a 2-storey detached house in need of renovation, on a 29 by 120 feet lot in Allenby.
Lowest percentage of the listing price, 88% (or $274,000 less than list), was paid for a newer custom built house at Avenue Road and 401.
Two houses sold on the day the listing was signed, and 42 were sold in 5 days or less. Longest time on the market was 93 days, for a contemporary renovation of a 2-storey detached house built in 1927 and located at Yonge and Lawrence.
To bring it all into perspective, in the same time period of 2015 48.4% of listings were sold below asking, 8.8% received full price, and 42.8% sold for less than listing price. The highest percentage was 144%, received for a 4-bedroom detached home needing renovation and located at Yonge and Lawrence. The lowest, 89%, was paid for a 2004 custom built 2-storey detached house on a 50 by 134 feet lot in Lawrence Park South. That house was listed at $2,459,000 and sold for $2,000,000.
In the third quarter of 2015 four houses sold on the day they were listed, and 46 sold in 5 days or less. The longest period of time, 149 days, was necessary to sell a 1 1/2 storey older house in Cricket CLub, originally listed with an asking price of $1,995,000, reduced to $1,745,000, and finally sold for $1,600,000.