Etobicoke Real Estate Market Update for October 2022
Welcome to your Etobicoke Real Estate Market Update for October 2022. How was your Hallowe’en? Did you dress up? Did you go trick or treating with your kids? OR did you even dress up your pet?
It is the month of November and we are into the home stretch of 2022! What do you think will happen to the Etobicoke Real Estate market these last 2 months? Will it be quiet? Will seller’s take their homes off the market and will we see more leases?
Read on to find out how the market performed last month and what the end of the year may look like in Etobicoke in this month’s edition of the Etobicoke Real Estate Market Update for October 2022.
W06
There were 19 freehold homes sold in the W06 district last month. This is 3 houses less than the 22 that sold in August. We are starting to see less and less homes selling from month to month in W06. The W06 district comprises Mimico, New Toronto, Long Branch and the Alderwood neighbourhoods.
Currently there are 117 homes for sale which is 13 more homes for sale than in September. It is taking approximately 25 days for a home to sell in this market, days on market (DOM) which is 11 days longer than it took to sell in the month of September.
The average selling price was $1,304,132 vs. $1, 198,864 in September. This is a difference of $105,268 and an increase in price of 8.8% which is really good!
Interestingly the average list to sales price ratio decreased to 96.89% from 97.41% in September.
W08
There were 35 freehold homes sold in the district of W08 last month. 3 houses more than homes sold in September. 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 83 homes for sale in the area, 7 less than the month before. It is taking approximately 26 days for a home to sell in this market which is 4 days longer than it took in September.
The average selling price was $1,475,717 vs. $1, 381,651 in September. This is an increase of $94,066 in price about 6.8% in total.
Interestingly the average list to sales price ratio actually decreased to 94.94% vs 97.63% in September.
What does this mean for you if you are a Buyer?
In W06 there is 6.2 Months of Inventory (MOI) which reflects a change from the Balanced Market we saw last month to a Buyer’s Market today.
There are 117 freehold homes currently for sale. There are more opportunities for Buyers in this market with more houses to view and to negotiate!
In W08 there is 2.4 Months of Inventory (MOI) which is still very much a Seller’s Market and even less homes for sale then in September. Homes are taking just a little longer to sell, from 22 to 26 days. You have time to view a home, make an offer and negotiate.
Speaking of negotiating, the average sold price has increased in W08 by 6.8%. In w06 the average sales to list price ratio is sitting just under 97% and in W08 it is just under 95%. This means houses are selling pretty close to the asking price.
Looking to sell?
If you are looking to sell your home in W06 you would benefit from pricing your home right for the current market. You have more competition now so your home has to stand out in terms of value, location and features. I take a 3 pronged approach to helping you do just that so you appeal to the largest amount of buyers.
In W08 the pricing strategy is also key but you do have less competition in terms of other houses for sale. As a Seller it is imperative to prepare your home to show at it’s absolute best. Timing is also key, do not take too long to get your home on the market.
As a Seller 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.
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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