Comparing sales activity from July to September 2007 with the same time period in 2008, we see that home sales in Lawrence Park have remained steady. However, the average sale price has dropped 22%. Be aware that the average sale price using such a small sample can give a distorted view.
This is the first time we’ve noticed the effects of the market slowdown in this upscale neighborhood.
Other indicators of slower activity are the decline in the percentage of the sale price received, and the increase in the number of days on the market (DOM).
Lawrence Park
|
July to September 2007 |
July to September 2008 |
% Change |
||
|
Number of Sales |
7 |
Number of Sales |
6 |
Down 14% |
|
Average Sale Price |
$2,460,143 |
Average Sale Price |
$1,914,583 |
Down 22% |
|
% of List Price |
104.29 |
% of List Price |
96.67 |
Down 7% |
|
Median Sale Price |
$2,250,000 |
Median Sale Price |
$1.531,250 |
Down 31% |
|
Days on the Market |
14 |
Days on the Market |
18 |
Up 28% |
It will be interesting to see how the financial crisis will impact these prime Toronto neighbourhoods.
I will be reporting changes in these areas as they occur, so be sure to check back for the latest updates.
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