MARKET UPDATE: Progressive or Conservative

 

A progressive rise in the  number of homes sold to 91 in the month of May in Aurora up from 77 in the prior month echoes a sentiment amongst REALTORS® that they are getting busier now than they were earlier in the year in Aurora and York region.  Will the market trend strengthen or be conservative with the Ontario election now completed is the question which will be answered in the coming months by the statistics which will be provided.

Average home pricing in Aurora decreased to $930,624 in May approximately $38,000  less than in April.  The median price of a home taking out the highest and lowest sales for the month balance out to $825,000.
Days on market increased to 27 days however that statistic should come with a disclaimer since some homes on the market have expired, have been cancelled or suspended and then have been placed back on the market again at a higher or lower price.  In those cases the days on market cumulatively is higher.  Seller’s typically received 98 percent of their asking price which is a 1 per cent  improvement from last month.   There were 288 homes newly placed for sale in May and 398 homes remained for sale by month’s end.

When we examine the year-to-date results for Aurora the May stats back up the overall story very closely.  Average price $919,737 followed by median price at $822,500.  Seller’s on average received 96 per cent of asking price and 27 days was the number reported for how long homes took to sell.  There were 1,105 homes placed for sale and 354 total sales representing $325,586,893 in dollars spent in real estate between January and the end of May.  The discrepancy emerges when we hear 1105 were placed for sale of which 354 sold and 398 remain for sale now we have a better idea that 353 homes may have been placed for sale more than once, cancelled, expired, suspended etc.  There were 201 detached homes sold this year and a quarter of all detached homes sold in Aurora were sold in May.

For a face to face discussion about your next move in real estate and for a broad analysis of pricing trends in the community and neighbourhood you’d like to move to or away from call a REALTOR®.

written by Connie Power

Connie Power is a Real Estate Sales Representative CNE® SRS® ABR® SRES® and
New Agent Mentor and Career Development for 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: May 2015, 2016, 2017 and 2018 and April 2018.

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