Including: North Riverdale, South Riverdale, Blake-Jones and Greenwood-Coxwell
First quarter of 2017 felt like the same story all over again - low inventory, considerably fewer new listings, therefore fewer sales but large increases in house prices. The average price of both detached and semi-detached homes went up by more than 20% on a year-over-year basis. Attached houses (row, or freehold townhouses) were up by 11.6%.
Average ratio of selling to asking price was high for all three categories - from 117% to 125%. The reason for that was twofold: low inventory caused fierce competition, and since prospective buyers were expecting to pay well over asking, agents were cautious not to list at a price where it might be perceived that a still higher price is sought, thus limiting exposure to buyers who could afford the expected price.
Details of house sales, average prices and inventory numbers are shown in the tables below.
Out of 108 houses sold in the first three months of the year 14 (or 13%) sold under asking, five (4.6%) received full price, and 89 (82.4%) sold over asking.
Two houses received 169% of the asking price. Both were two storey semi-detached homes, and both were listed low, asking $699,000 for a 2-bedroom semi with parking and a lower level rental unit in Leslieville, and $699,900 for a 3-bedroom semi without parking but also having a rental unit in the basement around Greenwood and Danforth.
The lowest percentage, 93%, was paid for a narrow 2-storey semi-detached house in poor condition, without parking, being sold by the Public Guardian and Trustee.
Three houses sold on the they the listing contract was signed; one, surprisingly, for 98% of the asking price; one just over asking (102%), and one for 150% of list price. Another five houses took only one day to sell. 54 houses (or exactly half) sold under one week from listing.
The longest time - 100 days - was needed for an attached 3-bedroom row house, built in 1975 and sold by the original owner. It was listed for $799,990, and eventually sold for $770,000.
Twenty listings were sold with bully offers. In most instances registration of a bully offer triggers more offers coming to the table. Listing agent is required to inform all agents who have shown the property that a pre-emptive offer will be presented.
35 detached houses sold at an average price of $1,206,786, ranging from $531,000 for a two-storey two bedroom house without parking on a busy street, to $2,806,031 for a lovely and spacoius three storey detached residence with two parking spots in North Riverdale.
Seven detached houses sold below asking, with 96% of the listing price the lowest. One sold for full listing price, and for the remaining 27 listings the ratio of sold to list price ranged from 102% to 150%.
57 semi-detached houses sold at an average price of $1,069,6778, ranging from $531,000 for a 1-bedroom 'handyman special' on a 15 by 110 feet lot with front pad parking in Leslie-Gerrard area, to $1,770,000 for a wide, 3-storey, charmingly renovated home in North Riverdale.
Six semi-detached homes sold under asking, with the lowest ratio of sold to list price of 93%. Three were sold for a full asking price, and the remaining 48 sold between 102% and 169% of the listing price.
16 townhouses sold at an average price of $972,034, ranging from $661,015 for a 3-bedroom row house on a tiny lot (12.5 by 40 feet), with parking, but no basement, only crawl space, and electric baseboard heat; to $1,500,000 for a beautiful 3-storey freehold townhouse built in 2013, with lane parking and detached single garage in South Riverdale.
One townhouse sold below the listing price, at 98%. One sold for full price, and for the remaining fourteen that ratio ranged from 110% to 135%.