Etobicoke Real Estate Market Update for August 2022
Welcome to your Etobicoke Real Estate Market Update for August 2022. I hope you enjoyed a great long weekend. Are you ready for the fall real estate market? It’s hard to believe we are less than 4 months away to the end of 2022!
As the Etobicoke Real Estate market continues to shift you may be wondering what the fall market will bring. Read on to find out more in this month’s edition of the Etobicoke Real Estate Market Update for August 2022.
There were 29 freehold homes sold in the district of W06 last month. This area encompasses the Mimico, New Toronto, Long Branch and Alderwood neighbourhoods.
There are currently 83 homes for sale. It is taking approximately 18 days for a home to sell in this market, days on market (DOM).
The average selling price was $1,205,483 with an average list to sales price ratio of 96.69%.
There were 32 freehold homes sold in the district of W08 last month. The area I am focusing on encompasses Islington-City Centre West, Eatonville, West Mall, Princess Rosethorn, Markland Wood and Eringate-Centennial West Deane Neighbourhoods.
There are currently 92 homes for sale. It is taking approximately 19 days for a home to sell in this market.
The average selling price was $1,556,308 with an average list to sales price ratio of 96.47%.
What does this mean for you if you are a Buyer?
In W06 there was 1.31 Months of Inventory (MOI) and in W08 there was 1.41 MOI which indicates these two markets are still very much Seller’s Markets.
The good news for home buyers is homes are taking a little longer to sell – just under 3 weeks. This gives you time to view a home, make an offer and negotiate the price. You don’t have to decide all in 1 day like you did in the first three months of 2022!
Speaking of negotiating, the average sold price has decreased and is sitting just under 97% in both of these areas. You get to decide how much the home is worth to you and negotiate the price down which was underheard of for the past several years!
You also have the opportunity to put in a condition(s) on your offer if you would like. A condition such as financing and/or home inspection. This will allow you some time to finalize numbers with your mortgage broker and/or lending institution. A home inspection will also assist you in finding out a little more about the inner workings of the house.
Again, in the past few years, there wasn’t always enough time to conduct your own home inspection so you either took the risk, conducted a quick one that may not have been very thorough or relied on the home inspection supplied by the seller or his/or her agent.
Looking to sell? Since we are still in a Seller’s Market with low inventory not too much has changed there. Except you want to make sure you are priced correctly so you don’t sit on the market for months and end up selling your competition.
You want to make sure you work with a real estate broker who has a Proven Selling System. My Signature System has a strategy in place for selling your home along with terrific marketing that will make your home stand out from the competition.
Preparation and presentation is also paramount when preparing your home for sale. You want to appeal to the largest pool of buyers and play up your homes best features. The ones that attracted you to your home when you first purchased it. I can help you find out where to focus your time and energy and even have people to help you take care of it.
Timing is also key, you don’t want to take too long to get your home on the market. It is changing on a daily basis and sometimes one week to the next can be the difference from getting the price you want from having to sell at thousands below your ideal price.
Monthly fluctuations help us interpret market trends but, it is important to remember that real estate is always a long term investment. Returns are more accurately calculated year-over-year.
As always if you have any questions about Etobicoke Real Estate or a particular Etobicoke neighbourhood please get in touch.
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