New Toronto and Mimico Real Estate Update for April 2023
Welcome to your New Toronto and Mimico Real Estate Update for April 2023.
It is Easter Monday April 10th! Hope you had a great Easter Weekend. It is hard to believe we are 4 months into 2023 already and in the midst of the spring real estate market. Read on to find out how the market performed in New Toronto and Mimico. This is this month’s edition of the New Toronto and Mimico Real Estate Update April 2023.
Let’s take a look at the sold data for freehold home types from October 1st, 2022 to March 31st, 2023.
New Toronto
There were 28 freehold homes sold in New Toronto in the last 6 months. This is 3 homes less than the previous 6 months.
There are only 11 homes for sale in New Toronto right now. Still very low inventory in this neighbourhood. It is taking approximately 25 days for a home to sell. This is 7 days sooner than the previous 6 months.
The average selling price was $1,248,409 which has decreased from the previous 6 months. 96.43% is the list to sales price ratio which actually has increased. Houses are selling closer to the asking price than the previous 6 months.
Mimico
There were 41 freehold homes sold in Mimico in the last 6 months which is 1 house less than the previous 6 months.
There are 21 homes currently for sale in Mimico. It is taking approximately 27 days for a home to sell, which is 6 days longer than the previous 6 months.
The average selling price in Mimico was $1,211,440 which is lower than in New Toronto and slightly higher than the previous 6 months in Mimico.
The list to sales price ratio is higher though at 98.12% and overall homes are selling pretty close to their asking price in Mimico.
Thinking of Buying in New Toronto or Mimico?
What does this mean for you if you are looking to buy a home in New Toronto or Mimico?
Currently there is 1.57 Months of Inventory in New Toronto which tells us we are in a Seller’s market there with very low inventory.
In Mimico there is 1.62 Months of Inventory which is also a Seller’s market with equally low inventory there.
There are only 11 freehold homes for sale in New Toronto and 21 in Mimico. Homes in New Toronto are taking about 25 days to sell and 27 days in Mimico.
If you are a buyer you do still have time to view a home, make an offer and negotiate. However there has been a bit of a shift in the market the last month with homes selling quicker and many within the first week on the market. If you see a home you like that is priced well it does make sense to put in an offer sooner rather than later.
What does this mean for you if you are looking to sell your home in New Toronto or Mimico? You don’t have much competition in terms of other houses on the market for sale. Homes are selling a little quicker in New Toronto than in Mimico and offer dates are returning to the market. If you price your home to sell quickly this is a good strategy to get the most amount of buyers interested in your home. Your pricing strategy is always the key to getting your home sold quickly for the most money.
Besides pricing your home for the current market be sure to prepare and stage your home highlighting it’s best features. If you would like to learn more read this post or contact me for more information.
With my signature selling system, I can help you focus on the right updates and show you where to best spend your time and energy. This will give you the best return on your investment and allow you to selling for the highest amount of money. A win win for you!
Looking to sell?
As always if you have any questions about New Toronto, Mimico or any other Etobicoke neighbourhood please get in touch with me.
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