The newest Market Watch report is officially out, and it’s safe to say, the media is going to have a field day with this data! At first glance, when looking at the February 2018 Market Watch numbers, it appears that market activity and prices are soft. However, don’t forget that the TREB data is summarizing real estate data that swings from Halton to Durham to the Downtown Core. That it is to say, we are not sure that what is happening in the Township of Scugog, ON is really reflective of what’s happening in Leslieville.
Here’s the numbers for the entire region:
To note, MLS Home Price Index Composite Benchmark was up by 3.2% on a year-over-year basis for the TREB market area overall. This growth was driven by the condominium and townhouse market segments, with annual benchmark price increases of 18.8% and 7.5%. Whereas, single-family detached and semi-detached benchmark prices were down slightly compared to February 2017.
The overall average selling price for February sales was down 12.4% year-over-year to $767,818. However, putting aside the price spike reported in the first quarter of 2017, it is important to note that February’s average price remained 12% higher than the average reported for February 2016 – which represents an annualized increase well above the rate of inflation for the past two years.
[Source: TREB Market Watch Report]
Buyers and sellers have to remember that the first half of 2017 was a record-setting year where we saw price increases by more than 30% year-over-year; this is not a realistic trajectory. In light of this, last year’s “big-time numbers” are making this year’s realistic numbers look soft and perhaps even a bit daunting.
Since we live and work downtown, we thought it might be helpful to provide you with better insight into what’s happening precisely in the core. After all, we aren’t personally too invested in Ajax or Essa, are we? So, for those of you looking for properties in the city, here is a little more food for thought to help inform buying & selling efforts!
To take a look at the January Market Watch numbers, click here!