Sales on Merton Street pulled back a little in 2013 as low inventory and some easing on the buyer’s side gave us a balanced market on Merton with a drop in sales to 73 units last year from 109 units the year before while prices increased slowly.
The days on market on Merton Street was anywhere between 1 day and 69 days to sell - this figure understates the length of time needed slightly as it does not take into account properties that were listed more than one time to sell. Selling prices last year ranged from 95% to 109% of asking price.
Out of the 73 sales on Merton last year 60% sold for below asking price while 25% got full asking price and 15% had more than one offer and sold for over asking price. Most people are predicting a year similar to last year with a healthy condo market and an out performing house market due to a lot of demand in the city.
If you are buying and selling you need to be extra careful to give yourself enough time to prep your place for sale and then consider the time on the market to sell plus the time from the selling date to closing date.
The midtown C10 area as a whole was very stable with 402 condo units sold compared with 414 units the previous year.
Prices continued to edge up last year on Merton Street, one of the best ways to gauge price appreciation is to look at the one bedroom condo sales as most one bed units are fairly similar in size compared to the large size variation of two bedroom units.
The average price for a one bedroom unit on Merton came in at $341,655 in 2013 an increase of 2.8% from $332,369 in 2012.
Another good indicator to price increases are to look at those units which sold in 2012 and again in 2013 - out of 180 sales on Merton in 2012 and 2013 there were just five units where this happened and when you back out renovations, prices of these units are up 2% to 4% from a year earlier.
All indications are for condo prices to increase like last year around 3% and houses to increase as much as 10% especially in the below $1,000,000 price range in the city.
Thanks again for your business in 2013 and all the best in 2014.