Etobicoke Real Estate Market Update for September 2022
Welcome to your Etobicoke Real Estate Market Update for September 2022. I hope you enjoyed a great Thanksgiving long weekend. I know I did! It is the month of October and we have less 3 months to the end of 2022! Are you curious how the real estate market is doing in Etobicoke?
Read on to find out how the market performed last month and what the end of the year may look like in Etobicoke for real estate sales, in this month’s edition of the Etobicoke Real Estate Market Update for September 2022.
W06
There were 22 freehold homes sold in the W06 district last month. This is 7 houses less than the 29 that sold in August. The W06 district comprises the Mimico, New Toronto, Long Branch and Alderwood neighbourhoods.
Currently there are 104 homes for sale which is 21 more homes for sale than in August. It is taking approximately 14 days for a home to sell in this market, days on market (DOM) which is 4 days quicker than it took to sell in the month of August.
The average selling price was $1,198,864 vs. $1, 205,483 in August. This is a difference of $6619 and a slight decrease in price of 0.6% which is really negligible.
Interestingly the average list to sales price ratio increased to 97.41% from 96.69% in August.
W08
There were 32 freehold homes sold in the district of W08 last month. The exact same amount of homes that sold in August. 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 90 homes for sale in the area. It is taking approximately 22 days for a home to sell in this market which is 3 days longer than it took in August.
The average selling price was $1,381,651 vs. $1, 556,308 in August. This is a difference of $174,657 and a decrease in price of 11% which is important to note.
Interestingly the average list to sales price ratio increased to 97.63% vs 96.47% in August.
What does this mean for you if you are a Buyer?
In W06 there is 4.7 Months of Inventory (MOI) reflecting more of a Balanced Market.
There are 104 freehold homes currently for sale. This tells us there are more opportunities for Buyers in this market with more houses to view and ultimately choose from. This is an opportunity for you to find a home and negotiate the price.
The story is a little different in W08 where there is 2.8 Months of Inventory (MOI) which is still very much a Seller’s Market. Homes here are taking just a little longer to sell, from 19 to 22 days. You have time to view a home, make an offer and negotiate.
Speaking of negotiating, the average sold price has decreased in W08 by 11%. In both w06 and W08 the average sales to list price ratio is sitting just under 98% which is almost 1% higher than in August. This means that buyers are paying very 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.
Want to get updates delivered straight to your inbox? Sign up here to be notified once a month of the latest Toronto and Etobicoke Real Estate Market Updates as well as insider Buyer and Seller tips you won’t find anywhere else!
