Get the Whole Story

October sales were up slightly over the prior month, 56 homes sold in Aurora about 50 per cent less than in 2016 with an average price of $1,017, 210 for all home types. The median price of these homes was $892,500which is marginally less than at the same time last year.The average days to sell in this market increased to 30 days and onaverage Seller’s yielded approximately 97% of the asking price when sold.The overwhelming difference when comparing yea

r over year numbers is the spike in supply which has caused the current Buyer’s market to continue.
There were 244 homes placed on the market and by Halloween night 342homes remained for sale. Year-to-date in Aurora there have been 859 sales down from the prior year by 354. Records indicate 2253 homes have been placed for sale in 2017 an increase of 583 homes compared to 2016.

What’s difficult to express from the statistics that are published is howmany of the homes placed for sale are ‘re-lists’. Homes that for one reason or another did not sell with the initial pricing, timing, conditions, season andmarketing.The number also doesn’t capture the sales that for one reason or another may have fallen through before closing which may include financing, appraisal shortfalls, Buyer’s remorse and more. If a REALTOR® completes a search for any style of home to suit their client, they can share and report a more in depth story regarding themarket which could include that homes on the market may have hadowners who terminated, suspended their contract, homes that have received price changes and homes where the contract expired before itwas sold. They may also see that a home appeared to be sold firm andthen is suddenly for sale again within a very short window.

With a further query specific to each address the story may be told thatcertain homes have been on the market a multitude of times. In this current market which includes many ‘re-lists’ in Aurora and throughout York region specialized research should be completed to satisfy Buyer’s andSeller’s expectations.
Contact a REALTOR® today to discuss your next move in real estate andbe sure to inquire about specific neighbourhood trends before you commit to selling or buying under contract. A well executed marketing plan, pricing strategy and attention to the overall condition and appearance of the home is also crucial.

-written by Connie Power
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) including 4 new locations in Durham region to further serve you.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; Market Watch October 2016 and 2017 Summary of Existing Home Transactions for all home types; York Region, Aurora for October 2016 and 2017 and Year-To-Date 2016 and 2017.
***Not intended to solicit those currently under a real estate contract.