MARKET UPDATE: Semi’s Spike in Value

A calm start to the Spring market yet with 10 per cent more action takers buying 89 homes of all descriptions in Aurora in March compared to last year.  The median price of a home was also slightly stronger in 2019 at $805, 000.  There were 237 homes placed for sale and at months end 302 homes remained.  At this current rate of sales that means there is about 4.4 months of inventory for the demand.  Seller’s typically received 98 per cent of their asking price.  The Toronto Real Estate Board also reports that homes typically sold in 20 days which is 6 days stronger than last year however further investigation is always better to be done on each address of the homes a Buyer may be interested in.  In the near future there will be a new statistic more readily available about the individual Property Days on Market which will capture if the home has been placed for sale more than once and what is the cumulative days the home has been on the market.

The average value of detached homes in Aurora has reduced to $1,092,934 2.3 per cent less than in 2018.  Semi-detached homes had a price increase to $788,960 as the average which is a 20 per cent jump in price, and townhomes also had an 8.4 per cent increase in value to $755,184 when compared to the same time last year as a notable improvement for Sellers considering placing their Aurora semi or townhome for sale this Spring.

For a thorough analysis and discussion and a development of a custom buyer or seller action plan call a REALTOR®️ today.

-written by Connie Power

Connie Power is the Assistant Manager, 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; Market Watch March 2019 and the Summary of Existing Home Transactions of all home types, March 2018, 2019 for all TREB Areas and Regional Housing Market Tables; York Region, Aurora for March 2018, 2019.

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