Sales Volume Changes*
All homes – down 51.1% to 45
Detached - down 52.2% to 44
Semi-detached – from 0 to 1
Dollar Value Changes*
All homes - up 7.5% to $3,786,966
Detached - up 8.9% to $3,836,784
Semi-detached – from 0 sale to $1,595,000
*MLS 12-month year-over-year changes ending April 30, 2018; Provided by Jethro Seymour
As of May 1st, 2018, there are 12 homes available in the Lawrence Park area, ranging in price from $1,949,000 for a detached home on Lawrence Avenue East (15 days on the market) to $8,895,000 for a detached home on Blyth Hill Road (1 day on the market).
In April, 3 homes sold in Lawrence Park, and all 3 were detached. The average time to sell a home was 13 days, with the fastest home sale being a Stratford Crescent property, which sold eight days after it was listed. The longest-lasting property sold 17 days after being listed. These figures don’t include the 2 homes that have been listed for more than 30 days, or the 10 homes that were listed in the month of April and are not selling at their current listed prices.
Only one of the 3 April home sales sold at its listed price. It was a detached 5-bedroom, 6-bathroom home on a 70 x 115.38-foot lot on Stratford Crescent, with a double private drive and garage. It sold for $4,895,000 (100% of the asking price). The other two both sold at 97% of their initial asking prices.
Entry into the Lawrence Park market now requires buyers to spend over $1,500,000 dollars. The average sale price over the last 16 months (January 1, 2017 to April 30, 2018) has been $3,806,491, and those homes averaged 3% above their asking prices. Comparing April 2018 to April 2017, we see that last April was far busier, with 20 homes selling for an average of 11% above their asking prices.
Low inventory will continue to drive sales through May and into June. All 5 banks recently raised their posted rates, which will have an effect on new entrants into the buying market and will add downward pressure on prices should inventory increase further.
Consider me your Lawrence Park neighbourhood real estate expert and resource. When it is time to move, I am here to help with insightful strategies, expert negotiation skills and results-focused marketing plans.
April Sales in Lawrence Park
|Detached||No. of Sold||Avg. Price||% of List Price||Days on Market|
Source: TREB MLS Sales Data as of May 1, 2018
Statistics Provided by Jethro Seymour, Broker & MCNE
Jethro Seymour, one of the Top Lawerance Park Real Estate Brokers at Royal LePage RES Ltd., Johnston & Daniel Division.
Jethro is a midtown Toronto residential specialist with over 20 years of sales experience in real estate, marketing, construction and publishing. He has helped many families find homes in Toronto’s great neighbourhoods, and has extensive knowledge of local markets, new home construction, resale home sales, and the condo market. Living in midtown Toronto, Jethro previews many of the homes that come to market for his clients and inventory knowledge. Jethro specializes in Lawrence Park, Sherwood Park, Midtown Toronto neighbourhoods.