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It’s May 16th, 2013, and we’re still licking our wounds from getting our butts kicked in a couple of bidding wars this week. I’m talking the kind of butt-kicking where your client offers $120,000 more than the asking price and still gets beaten by $80,000 in a 13-person bidding war. Or when a $450,000 house with a 66 foot long wide sells for more than $102,000 over asking in a 6-person bidding war. Yes, folks, it’s that time of year again when Toronto Buyers swarm the small supply of houses for sale and the CBC starts calling.
I decided to pull some statistics to really see what’s really happening in the markets I primarily work in, roughly High Park to the Beaches and East York (also known as C1, C8, E1, E2, W1 and W2), south of Bloor/Danforth.
Houses Sold May 1 – 15
Houses sold: 161
Mean list price: $731, 521
Mean sold price: $763, 632
(*30 houses also Sold Conditionally during this period, but given those sales aren’t firm yet/prices public, they aren’t included in my data).
Digging Deeper into the Sold Statistics
67% of houses sold at 100% of asking price or more
42% of houses sold at 105% of asking or higher (5% more than asking price represents $36,576 in cold hard cash on the average listing price)
27% of houses sold at 110% of asking or higher (10% more than the average asking price represents $73,152 of cold hard cash on the average listing price)
13% of houses sold at 120% of the asking price or more (20% more than the average asking price equals $146,304 in cold hard cash on the average listing price)
What does that mean in real numbers? Here’s a screenshot of some of that sold data:
But wait…it’s different with condos.
We continue to experience a schizophrenic real estate market in Toronto and condo sales numbers look very different. In the same neighbourhoods for May 1-15, 2013 (and once again, not including conditional sales):
70% of condos sold UNDER the asking price
16% sold at the asking price
13% sold over the asking price
Here’s what that looks like at the bottom end, in real numbers:
A few things to keep in mind:
- We all know that Sellers manipulate asking prices to get attention, so a house that sold for 20% more than the asking price wasn’t really priced at market value. And neither was that condo listed by the Seller who thought he would try to set a new record high price for the building.
- This happens every year in Toronto – we see it for a few weeks in February/March, and again in May.
The official statistics were just released – not nearly as dramatic when you factor in the whole 416 area, but still good stats all around: