Lawrence Park Market Report and Average Sale Price – October 2008

by Rosalin Smith Carr

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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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