Rockwood Homeowners' Association
While we are seeing fewer sales this year compared to the same period last year, the good news is that the average sale price has risen 6% over the same period last year. To date, the median selling price of a semi detached or detached home is $690,000, up from $662,500 at the same time last year.
The reason for this increase in selling price is possibly a direct result of low inventory levels which are being experienced throughout the GTA. Low inventory creates a Seller’s Market. With few homes coming onto the market, buyers are snapping up homes quickly and are prepared to pay top dollar for homes that are well maintained.
Last year we experienced an extraordinary number of homes come on the market. A total of 48 homes were sold which was more than double the 22 sales of the previous year. Lots of inventory creates a Buyer’s Market and prices subsequently only increased marginally (2%) over 2011 prices.
In 2012 the townhome market was also very active with 37 sales up from 29 in 2011.
Prices were also up with 2 storey units posting a 6% increase and 3 storey units up a whopping 9%. The average selling price for a 2 storey was $352,000 and $389,500 for a 3 storey unit in 2012.