Including: Bedford Park, Forest Hill North, Lawrence Park and Englemount
North Toronto had another busy real estate sales quarter. New listings were down, on a year-over-year basis, by 8.2%, although that was a smaller difference than the 24.4% from the previous quarter. Existing listings inventory was lower by 39.1% (again not as big a drop as 47% in the 3rd quarter). But the shortage of listings is still severe, and out of 156 sales 89 (or 57%) sold above the list price.
Average prices of detached homes rose by 25.1%, and the average for semi-detached houses more than doubled. Again, with only eighteen semis sold, it likely means that some larger or more renovated houses were offered for sale in the third quarter.
With an exception of Bedford Park, where detached houses 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 were sold with bully offers.
41.2% of listings sold below asking, and 1.3% received full asking price. The highest percentage above asking, 142%, was paid for a 3-bedroom bungalowon a good lot at Glencairn and Bathurst. It was listed with an asking price of $1,099,900, and sold for $1,565,000.
The highest amount of money paid over asking, $751,000, was received for a 2-storey 3 bedroom detached house on a 50 by 134 feet lot in Lytton Park. It was listed for $1,999,000 and sold for $2,750,000.
The lowest percentage of the listing price, 86% (or $325,000 below asking price), was paid for a 2005 custom built Lytton Park house listed for $2,375,000.
89 houses were sold within the first week of market exposure. Interestingly, while that is exactly the number of houses that were sold above the asking price, nineteen of the listings sold in the first week did not receive full price. Four houses were sold on the day listing was signed, another sis took only one day to sell, and the longest time, 112 days, was needed for same house which sold at the lowest percentage of the asking price.
One semi-detached and 56 detached houses were sold in the last quarter of 2016. The average price was $2,371,277 for detached home, and the semi sold for $903,000. The average time required to sell was 18 days, ranging from zero to 112. The lowest price paid for a detached house as $1,250,000, for a 2-storey well appointed traditional residence on a busy street. The highest, $7,280,000, was paid for an elegant two years old 5 bedroom estate residence on a huge ravine lot with a pool. That listing took just over two months of marketing time and sold for 96% of the original listing price.
Two freehold townhouses and sixteen detached houses were sold in Engelmount in the fourth quarter of 2016. The average selling price for the towhouses was $862,500, for detached houses it was $1,457,563. Six houses sold below asking, remaining twelve above. The lowest percentage, 92%, was paid for a renovated 3 bedroom bungalow on a one-way street south of the Baycrest Hospital. The highest, 142%, was paid for another bungalow in the south-west part of Englemount community. Only one detached and the two townhouses were recently built (townhouses in 2014, detached moderrn house in 2016). Remaining fifteen were older homes.
Forest Hill North
One semi-detached and fifteen detached homes were sold in the area, at an average price of $1,807,375. Five sold below asking price, eleven above. The lowest price, $1,075,000, was paid for a detached 2 bedroom bungalow west of Allen Road. The owners would not consider preemptive (bully) offers, and the house sold in multiple bidding for $120% of the asking price. The highest price, $3,080,000, was received for a newly built very modern residence in the north-east corner of the neighbourhood. That was the only new house sold in the area in the last quarter of 2016.
Lawrence Park North
Twenty four detached and thirteen semi-detached houses were sold in Lawrence Park North in the last three months of 2016. The lowest price, $981,000, was paid for a 3 bedroom semi in original but very well maintained condition. The highest, $3,345,000, was received for a newly built and luxuriously finished residence short distance west of Yonge.
One house was sold on the day it was listed, and another four within one day. The lowest percentage, 93% of the listing price, was paid for a renovated semi with no parking on a fairly busy street. The highest, 135%, for an updated semi with a basement apartment and a garage off a back lane, listed just under 1 million, and sold for $1,350,000, with a bully offer.
Lawrence Park South
26 detached homes and three semis were sold in Lawrence Park South for an average price of $2,488,052. The lowest percentage, 88%, was paid for a 2.5-storey century old heritage mansion with oil heat on a fantastic 75 by 181 feet lot in prime Lawrence Park, in need of renovation, listed for $3,649,000. The highest, 138%, was received for a two storey house with electric water heat on a 50 by 134 feet lot, listed just under two million and sold with a bully offer.