October home prices lower than last October

Leaside Home Prices October 2014Here’s how the world works in the microcosm of Leaside-Bennington Heights real estate.

Last year there were fewer homes for sale so costs climbed all year long.

This past October there were many more homes for sale, maybe by homeowners enticed to sell by the big bucks in Leaside.

Prices have dropped compared to last October.

In October this year there were 27 homes sold, which is 42.1 percent more than the 19 sold last October.

The average dollar values this past October compared to October 2013 were down 0.9 percent to $1,259,586. Detached home sale values are also down by 3.7 percent, at $1,333,667 compared to last October. There were only three semi-detached homes that sold this October, with an average sale price of $703,667.

But prices still show a good increase in year to year comparisons.

The value of 2014’s year-to-date 180 detached homes was also up slightly by 2.1 percent, to $1,455,156, compared to the 141 detached homes that sold in the first 10 months of 2013. These are impressive figures considering the number of detached homes sold in that time increased by 27.7 percent.

The 35 semi-detached homes saw a 23.9 percent decrease in sales activity but an 11.4 percent gain in average value through to the end of October. Semi-detached homes represent approximately 16 percent of the housing transactions in Leaside. This is a good year to be selling semis in Leaside.

Here are the rolling averages for the last 12 months, October 2013 to the end of October 2014, compared to the previous 12 months, October 2012 to the end of October 2013.

Sales volumes changes

  • All home sales – up 13.9 percent to 238 sales.
  • Detached home sales – up 20.3 percent to 190 sales.
  • Semi-detached home sales – down 16.7 percent to 40 sales.

Dollar value changes

  • All home values – up 7.5 percent to $1,342,629.
  • Detached home values – up 3.7 percent to $1,459,985.
  • Semi-detached home values – up 10.3 percent to $824,533.

The highest valued sale on TREB MLS so far in 2014 was $3.2 million for a home in Bennington Heights. The highest 2014 Leaside MLS sale has been $2.7 million in South Leaside. The lowest valued sale was $580,000 for a two-bedroom, one-bathroom detached bungalow on Sutherland at Eglinton, sold for only 83 percent of the asking price.

Jethro Seymour is a broker at Johnston & Daniel. All figures are from the Toronto Real Estate Board’s Multiple Listing Service.