New Toronto and Mimico Real Estate Update January 2023
Welcome to your New Toronto and Mimico Real Estate Update January 2023.
It is January 2023 already and 2022 is in the books! Read on to find out how the market performed the last 6 months of 2022. What is in store for us this year in this month’s edition of the New Toronto and Mimico Real Estate Update January 2023.
Let’s take a look at the sold data for freehold home types from July 1st to December 31st, 2022.
New Toronto
There were 35 freehold homes sold in New Toronto in the last 6 months which is not a lot.
There are only 12 homes currently for sale and it is taking approximately 28 days for a home to sell in New Toronto.
The average selling price was $1,280,999 which is 95.49% of the list to sales price ratio and not too bad.
Mimico
There were 54 freehold homes sold in Mimico in the last 6 months.
There are 18 homes currently for sale in Mimico and it is taking approximately 20 days for a home to sell.
The average selling price was $1,226,861 which is lower than in New Toronto but the list to sales price ratio is higher at 96.48%. In other words homes are selling closer to asking price in Mimico.
What does this mean for you if you are looking to buy a home in New Toronto or Mimico?
Currently there is 0.3 Months of Inventory in New Toronto or Mimico which is extremely low. This tells us it is still very much a Seller’s Market in these neighbourhoods.
There are only 12 freehold homes for sale in New Toronto and 18 in Mimico. Homes in New Toronto are taking about 28 days to sell and 20 days in Mimico.
If you are a buyer you do have time to view a home, make an offer and negotiate. This is a good time to buy a home that may have been sitting on the market a little while.
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 generally taking a little longer to sell so, your pricing strategy is the key to getting your home sold quicker and for more money. You need to be on top of what is currently happening with the real estate market which is continually changing.
You also need to prepare your home to show at it’s best and highlight the key features that attracted you to your home. This may mean doing some repairs and updates before you are ready for the market.
I can help you find out where to focus your time and energy and even have people to connect you with to help take care of everything!
Looking to sell?
As always if you have any questions about New Toronto, Mimico or any other Etobicoke neighbourhood please let me know.
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