There is a general sentiment in the Toronto Real Estate Board market that overall inventory of listings are quite low, which continues to stimulate and drive pressure on prices. There is no shortage of media excerpts painting the entire city with a single brush. But if you’ve been a reader of this blog, you will know that real estate is not a game of generalities and averages, as convenient a tool as that can be for some. Real estate is local, it’s hyperlocal…a game of inches at times.
Armed with the available data and a dash of natural skepticism, I thought I’d take a quick look into the active listing data for the neighbourhood communities in Vaughan. A summary of findings follows (you can click to expand)
As we see, overall active real estate listing totals for December 2013 dropped when compared to December 2012 in Vaughan. While I usually dislike using the weather factor as the primary reason (a factor that is much too conveniently used among the real estate historians and soothsayers), I think we can all agree that December 2013 was an exception.
When we forward two months to the present, we see listings back in line with the end of 2012. Seasonally low as usual compared to the average for the year, but in-line nonetheless.
What becomes interesting to note are the results filtered by community and the resulting mix of listing increases which offset the decreases.
Highlighted in yellow are the neighbourhood communities of Maple, Patterson and Vellore Village. Historically, these are generally the top three active real estate communities by volume. In all three cases, listings haven’t quite inched back up to levels noted in December 2012 with Vellore Village being the most significant laggard of the three.
Highlighted in blue is the interesting trendline within Kleinburg and Islington Woods, neighbouring communities within the west to northwest area of Vaughan. Here we see a gradual increase in available listings, notwithstanding fairly small numbers in absolute terms. The large majority of listings in this area reflect single detached homes. While the amount of data and period in question is too limiting to draw conclusions (though I can think of several), it will be interesting to keep an eye on this trend.
In the meantime, if you are considering a sale, a jump start could be advantageous. In addition to the general market and media sentiment regarding lack of inventory availability, the actual data would appear to lend added support. Particularly in the communities noted above, sellers who were otherwise delaying their listings in favour of trying to time a Spring market may be well advised to re-think their strategy.
If you have any questions, I’m always a comment or email away.