Ralph Richardson
Sales Representative
midtownhomes@gmail.com

Right At Home Realty Inc
Brokerage

Office: 416-391-3232

Direct: 416-523-6447

 

 

 

More Sales, More Buyers!

Merton Street Condos & Townhomes

 

| OCTOBER 2018 |

 

September Midtown Condo Sales Drop While Prices Remain High

 

 

September of this year saw 25 condos sold in the Midtown market. This number is considerably lower than in September of 2017, when there were 39 condos sold. Inventory, on the flip side, has increased substantially year-over-year, with 59 resale condos currently listed on the market, as compared to 38 condos that were available for sale at this same time last year. This increase in supply is a trend that we are seeing in markets across the GTA, indicating that we are shifting to conditions that slightly favours buyers.
 
Sales prices were quite a bit higher last month, as compared to the September of last year. Condos in the Midtown area sold for an average of $819,895; a significant 22% increase from the same time last year, when they were selling for an average of $671,466.
 
In September, the Days on Market (DOM) for Midtown condos was a range 2 to 47 days, which is considerably smaller than last year, when the range was from 1 to 64 days. 
 
On the Midtown homes front, 12 homes sold for an average sale price of $1,411,150 last month in September. Conversely, the same month last year saw more homes sold, but for a stronger average sales price - 19 homes sold for an average of $1,583,970. The number of active listings is also slightly lower year-over-year, with 26 homes currently on the market in the Midtown C10 area as compared with the 29 that were available for sale at this time last year..
 
Many home buyers, who had initially moved to the sidelines due to the Ontario Fair Housing Plan and new mortgage lending guidelines, have renewed their search for a home and are contributing to a more active market than this time last year. Supply continues to struggle to keep up with the increased buyer demand, as the annual rate of sales growth continues to outpace the annual rate of new listings. This may lend to a sustained increase in average sales prices, as we move through the fourth quarter of the year.
 
Last month on Merton Street there were 6 condo sales, and 5 units are currently available for sale, as we return to a more balanced market but with higher prices compared to a year ago. 
 

 

 

 Merton Street Condos Sale Price Trends 2016-2018

AVERAGE SELLING PRICES PER SQUARE FOOT

 

Scroll down to view price trends for your building.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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"Thank you Ralph, We are both very happy; Thank you for holding our hands during this important and stressful time, We feel very lucky that we trusted you Ralph and will have no hesitation in recommending you to all our friends and anyone who will listen. I heard that you are the King of Merton Street now I know. We can get on with our lives lol."

- Hugh and Pam

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