Compiled below are the Housing Sale Numbers for April and May 2017 for Mimico
Traditionally, the spring market in Etobicoke and in Mimico moves pretty fast, with the highest sold home prices of the year usually occurring in May. 2017 has proven to be a little bit different so far.
April 2017 came in with a bang and a frenzy. Fewer houses were for sale than the year before. Multiple offers were the norm with 8 or 10 or even 12 offers for many properties. Houses were selling for 20-50% over asking, some even higher. Some houses were not appraising. Buyers were feeling fatigue and felt the need to scramble to just buy something. Then the Ontario government announced some changes in late April to help “slow” the market down. Which it did. Quite a bit. Did you or your friends and family feel it? Our clients did, as did we!
So what happened in May? Overall, prices in May 2017 fell about 15-17%, according to TREB, from April’s prices. April’s sold prices proved on average to be higher than May’s sold prices, which has not happened in Toronto in a long time. May saw a flood of inventory with more houses being listed for sale, much more than in April, so there were more houses for buyers, which meant less competition. Or not as many multiple offers happening. Sellers were not getting some of the super high numbers seen in April as buyers had more choice.
So what’s been happening now in June 2017? We’ll be watching the numbers at the end of the month, which you’ll see in our monthly flyer mailed to your house, but housing prices seem to be holding steady and not going significantly over asking price like in May. The Mimico market is still remaining strong, with no great depressions in the market or sudden dips or falling prices. Wondering about your house? Just ask us….
Mimico Housing Sales for April & May 2017
|Style||Avg LIST Price: April||Avg SOLD Price: April||Avg LIST Price: May||Avg SOLD Price: May||Total # of Houses Sold|
|1.5 Storey (Detached)||None||None||$799,000||$880,000||1|
For more questions about housing in Mimico or in your neighborhood, please contact Sandy at 416-697-7093 firstname.lastname@example.org or Rayissa at 416-400-0805 email@example.com. They are always helpful, resourceful, and willing to hear what you’ve got to say.