Posted on January 8, 2019 in Cabbagetown
Overview of all 2018 Residential Home Sales in Cabbagetown, Toronto.
Number of Transactions:
By July 2018 the number of sales were down significantly compared to previous years. There were only 38 sales in the first half of the year, typically we’d see well over 50.
The fall market brought a little more activity than expected (given the slow Spring), with November seeing more transactions then we expected. Despite this, we did see the lowest number of sales this decade and when all was said and done the number of transactions was down -14.46% for a total of 71 sales. Earlier in the decade it was common to see 100 plus transactions in Cabbagetown.
Average Days on Market:
One surprise for 2018 was the average days on market increased significantly, from 13 to 21 days. A number of properties sat on the market longer than expected and it was clear there were fewer buyers searching in the neighbourhood.
Timing was everything in 2018, with properties listed in early Spring (February and March) as well as later in November selling more quickly and for a higher price.
Average Selling Price:
At the midway point of the year the average price was down -3.24% over the previous year. When the ball dropped at Times Square to announce the New Year, the average sale price for the 2018 was up a modest +1.52% over 2017.
Given the incredible gains in the first half of 2017, seeing an overall increase in the average sale price is a sign that the Neighbourhood is retaining its value in the eyes of buyers. With some strong sales to finish out the year, it’s proof that the buyers are out there even though they tend to be stepping with more caution.
For 2019, we expect that the trend of fewer transactions will continue paired with modest overall price increases. While we will surely see bidding wars spring up from time to time they will likely be the standard Cabbagetown battle between 2-4 buyers, not the line-ups around the block like in some other neighbourhoods. Otherwise, sellers should also expect some good ol’ negotiations with potential buyers to arrive at their final selling price.
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