Sales Volume Changes*
All homes – down 31.2% to 137
Detached – down 27% to 108
Semi-detached – down 40% to 27
Dollar Value Changes*
All homes - up 2.5% to $1,788,744
Detached - up 2% to $1,949,334
Semi-detached – down 2.1% to $1,200,922
*MLS 12-month year-over-year changes ending April 30, 2018; Provided by Jethro Seymour
Eighteen homes changed hands in the neighbourhood this past April, a 35.7% drop compared to 28 home sales in the same month last year. Twelve of these were detached homes and sold for an average dollar value of $2,046,608, an 8.3% decrease from the past year’s peak of $2,231,689. Five semi-detached homes were sold in the neighbourhood for an average dollar value of $1,321,800.
2018’s 44 homes were down 9.9% to $1,762,598, compared to the 61 homes that sold in the first four months of 2017. The average detached home value also declined from last year’s $2,191,738 to $1,921,097 in 2018, representing a 12.3% decline. Keep in mind, these figures are only for the first four months of the year.
As of May 1st, 2018, there are 22 homes available in the Leaside (C11) area, ranging in price from $1,299,000 for a detached on Broadway Avenue (6 days on the market) to $2,999,000 for a specular home with a garage on Rumsey Drive (8 days on the market). There were also 3 pieces of land on True Davidson for sale and a huge home on Douglas Crescent for listed for $5,588,000. This property is actually in North Rosedale, but is classed in Leaside by the Toronto Real Estate Board (TREB).
In April, 18 homes sold in Leaside, including 12 detached, 5 semis, and 1 townhouse. The average time to sell a home was 8 days. One home took only 2 days, while the longest lasted 18 days. This doesn't include the 7 homes that have been listed for more than 30 days or the 13 homes that were listed in the month of April and are not selling at their current listed prices.
Eight of the 18 April home sales sold at or above their listed price. The highest-selling home was a newer detached 4-bedroom, 5-bathroom home on a 34 x 130-foot lot on Sutherland Drive, with a private drive and garage. It sold for $2,800,000 (3% below asking). This was followed by a home on Leacrest Road in South Leaside, which sold for $2,590,000. Both were beautiful properties.
Entry into the Leaside market now requires buyers to spend over a million dollars for a semi-detached home and at least $1,200,000 for a detached home. Buyers are still actively looking for homes in midtown despite the implementation of the OFSI Stress Test and higher mortgage rates.
Low inventory will continue to drive bidding on homes 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.
Consider me your Leaside & Bennington Heights 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 Leaside & Bennington Heights
|Detached||No. of Sold||Avg. Price||% of List Price||Days on Market|
|Semi-detached||No. of Sold||Avg. Price||% of List Price||Days on Market|
|Townhouse||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 Leaside Real Estate Agents 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 Midtown, Davisville Village and Leaside neighbourhoods.