An Uptick in Home Values

Comparing to March there was an increase in average home pricing for all home types sold in Aurora in April 2018 of 12 per cent coming in at $968,670.  Median pricing was $890,000 last month and in 2016 that average was $866,500 proving the strength in the 2018 numbers is marginally better than it was two years ago at the same time once again.  There were 77 homes sold for the month with 266 homes placed on the market and 363 remained for sale coming into May and Sellers typically received 97 per cent of their asking price.
The major difference when comparing the past several years of historical data continues to be that there is an abundance of homes for sale in the 2018 current market.

There were nearly double the amount of homes sold in April 2016 with 295 per cent less homes remaining available for sale at the end of the month when comparing to this year’s April statistics from the Toronto Real Estate Board.  Home values are still holding strong even with less competition from Buyers with this surge in selection.  Buyer’s proceeding with more hesitation and buying with conditions is a normal occurrence in a market weighed more in their favour.  Lenders typically will request more time in order to secure new minimum qualifying rates.
Days on market for April was reported at 21 but it’s recommended that further research is done prior to buying and selling in the neighbourhood in question to verify which comparable homes were placed on and off the market multiple times at different price points first so that expectations are managed more accurately.  Less focus continues to be placed on the 2017 pricing comparisons which were at an all time high never experienced before in York region.

-written by Connie Power

Connie Power is a Real Estate Sales Representative CNE® SRS® ABR® SRES® and
Mentor and Career Development for New Agents at RE/MAX Hallmark York Group Realty Ltd.,  Brokerage serving York region and beyond.  EmPOWERing YOU in Real ESTATE!

*Statistics were provided by the MLS® Regional Housing Market Tables Report York Region, Aurora: March and April 2016, 2017 and 2018.

**Not intended to solicit those currently under a real estate contract.