Market Update: April 2018 Edition

 

Taking Time to Back

What a difference a year can make in real estate.  Looking at the statistics from March 2016 as they compare to 2018 forms a clearer picture that average home values have stabilized to similar pricing with a 1.85 per cent improvement at $866,320 for all home types in Aurora.  Median pricing for March of 2016 and 2018 were exact at $800,000.

The core difference in market conditions is that supply remains high in 2018 compared to the last few years and Buyers are taking slower action since they have more homes they can consider.   Group hesitation with stricter lending guidelines and more caution given to Selling their home now in advance of buying with conditions.

There were 81 sales in March for all home types in Aurora, 42 of those sales were for detached homes with an average price of $1,118,536 which is 6 per cent greater than in 2016.    Sellers on average yielded 97 per cent of their asking price, so Buyers are negotiating more with less competition.  Days on market average remains to require further inquiry due to many homes being cancelled from the market and re-introduced again to the market.

It was a Sellers market last year with 152 homes sold, far less homes available for sale, sales were for much greater pricing in a shorter span of time yielding above ask in most cases.  At month’s end in 2017 there were 129 active homes for sale compared to 306 in 2018.

Call your trusted real estate professional today to develop your proactive plan for Selling and Buying in today’s market.

Connie Power is a Real Estate Sales Representative CNE® SRS® ABR® SRES®, Mentors and Develops New Real Estate Sales Representatives for RE/MAX Hallmark York Group Realty Ltd.,  Brokerage serving York region and beyond in the Greater Toronto Area (GTA).
Empowering you in Real Estate, Call Connie today to make an appointment to discuss your next move at (905) 726-0856.

*The statistics provided herein were obtained from the Toronto Real Estate Board; Regional Housing Market Tables; York Region, Aurora for March 2016, 2017 and 2018.

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